Key points
- Pakistan’s economy expected to grow by 2.7pc in current fiscal year: report
- Transforming recent gains into economic growth key challenge: WB official
- Economy stabilising with easing inflation, improving financial conditions: report
ISLAMABAD: Pakistan’s economy continues to stabilise and is expected to grow by 2.7 per cent in the current fiscal year as compared to 2.5 per cent in the previous year, state-run Radio Pakistan reported.
According to World Bank’s latest Pakistan Development Update, the real GDP growth will be supported by recovering private consumption and investment driven by subdued inflation, lower interest rates, and recovering business confidence.
Stabilising with easing inflation
The World Bank report says Pakistan’s economy is stabilising with easing inflation, improving financial conditions, and current account and primary fiscal surpluses.
Pakistan’s economy is stabilising with easing inflation, improving financial conditions, and current account and primary fiscal surpluses, it said.
This edition of the Pakistan Development Update also underscores the need for structural reforms to unlock opportunities of private capital mobilisation for improving Pakistan’s digital infrastructure and enabling environment for the digital economy.
Need for transforming gains
Meanwhile, the Country Director of the World Bank for Pakistan Najy Benhassine said that Pakistan’s key challenge is to transform recent gains from stabilisation into economic growth that is sustainable and adequate for poverty reduction.
