Tuesday, January 25, 2022

Amid global crisis, Pakistan economy shows resilience - Gulf News

Last updated Sunday, January 9, 2022 02:35 ET , Source: TopWireNews

Islamabad: Despite several challenges on the internal and external fronts, the Pakistan government has successfully managed to bring sustainability to macroeconomics as it was indicated by the unprecedented resilience of economy during the last couple of years.
Experts believe that the economy of Pakistan is resilient despite the economic shocks caused due to COVID-19 and the recent multi-decade high-price commodity shock.
“At a time when the economy of the whole world witnessed negative growth, the Pakistan economy performed well owing to prudent policies introduced by the government,” President Islamabad Chamber of Commerce and Industry (ICCI), Shakeel Munir told APP.
Finance Ministry in a recently published report said that Pakistan boom-bust life cycle appeared cyclical than sustainable in past as has been reflected from past global commodity, political or economic shocks of 1998, 2009, & 2018, where economy got busted in very short interval of time. However, the incumbent government put the economy on right path to ensure sustainable growth.
The ICCI President attributed the good economic performance to the excellent management by the government during the pandemic period, which is leading the economy to grow at around 5 percent of GDP during the current fiscal year. Last year, the economy performed above expectations as the GDP growth was witnessed at four percent, tax collection exceeded targets, reserves improved, current account reported lowest since 2011.

Read Full Story: https://gulfnews.com/business/amid-global-crisis-pakistan-economy-shows-resilience-1.84850859

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