Pakistan's economic growth rate projected at 3.94 pct
Published 22 May,2021 via Dawn ISLAMABAD - Pakistan’s economy performed beyond expectations with all major macroeconomic indicators showing positive trend amid the Covid-19 pandemic, resulting in a 3.94 per cent economic growth rate this fiscal year, compared to a revised negative 0.47pc in 2019-20.
The growth figures came as a surprise as the State Bank of Pakistan (SBP) had estimated GDP growth at 3pc, while the finance ministry’s projection was slightly on the lower side. The growth projection of multilateral donors — the International Monetary Fund and World Bank — was between 1.3pc and 1.5pc for the fiscal year 2020-21.
For a number of years, the services sector was a major reason for economic growth in the country and it has witnessed a growth of 4.43pc this year. The services sector has been impacted this year too partially by the Covid-related shrinkage in service delivery in major sectors.
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Dawn