PM shares “more good news” as Pakistan sees dramatic rise in confidence of business

Aizbah KhanWeb Editor

23rd Aug, 2021. 04:16 pm
PM shares "more good news" as Pakistan sees dramatic rise in confidence of business

Prime Minister Imran shared “more good news” with the nation on the economic front of Pakistan here on Monday referring to the dramatic rise in confidence business.

The Prime Minister took to Twitter and said,” More good news on the economic front. OICCI’s BCI Survey shows Pak standing at a positive score of 9%, an improvement of 59% from the -50% score of May ’20. OICCI members confidence stands at +34% vs -74% in 2020, a turnaround of 108%.”

The Premier added, “the dramatic rise in confidence of business especially foreign investors.”

Earlier in May this year, the State Bank of Pakistan (SBP) had projected a GDP growth rate of 3% while the Finance Ministry had projected a slightly lower estimate.

Pakistan’s economy performed better than expected on all major economic indicators during COVID-19, resulting in a growth rate of 3.94% in the current financial year as against minus 0.47% in the previous financial year.

In addition, growth estimates from the International Monetary Fund and the World Bank for the current fiscal year were between 1.3 per cent and 1.5 per cent, respectively.

The services sector has been a major cause of economic growth in the country for many years and this year it has grown by 4.43%.

Corona Virus has also partially affected the services sector this year in providing services in large areas.

However, the agriculture sector grew by 2.77 per cent while industrial production grew by 3.57 per cent.

The figures were compiled at the 103rd meeting of the National Accounts Committee chaired by Secretary Planning, Development and Reforms Hameed to review the Gross Domestic Product (GDP).

Presenting a better picture of the economy as a whole in the third year of the PTI government, an official statement said that the fiscal year 2020-21 for GDP and Gross Fixed Capital Formation (GFCF) Estimates are based on the latest data available for 6 to 9 months.

In his tweet on 21st May 20211, Prime Minister Imran Khan tweeted: “National Accounts Committee has finalized GDP growth estimate & GDP growth is estimated at 3.94%. This reflects the success of our govt’s economic policies while managing COVID 19 pandemic. Our V-shaped recovery is balanced between 3 major sectors: agriculture, industry & services.”

Adsence 300X250