Governor SBP predicts growth in Pakistan’s economy

ISLAMABAD: Analysts, senior government officials and corporate leaders claim that Pakistan is expected to achieve 5 to 6 percent Gross Domestic Product (GDP) growth per annum for the next five years while assessing economic indicators of the country. 

“Yes, we have a potential to grow at much higher rate in coming years. The State Bank of Pakistan projects three per cent GDP growth in financial year 2020-21 and four per cent in 2021-22,”  Dr Reza Baqir, Governor, State Bank of Pakistan (SBP), told international news agency Khaleej Times last week during an event in Dubai. 

As per the Finance Minister, Shaukat Tarin, Pakistan is aiming at a growth rate of 6 percent for the next two years since the International Monetary Fund (IMF) has shown willingness to give $6 billion to Pakistan in lieu of the worsening COVID-19 cases. “The federal government will earmark as much as Rs 900 billion ($6 billion) for development expenditure in the year beginning July. That’s the bare minimum we need for a country this size,” stated Tarin. 

Governor State Bank of Pakistan (SBP), Dr Reza Baqir further stated, “We have strong economic indicators this year despite the COVID-19 pandemic challenges and this is a good omen for the economy. The government ensures more than Rs 2 trillion stimulus to steer the economy out of COVID crisis by supporting the businesses through much-needed liquidity and funds distribution at grass root level.”

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