Pakistan’s Current Account Balance Has Surplus 792 Million, Hafeez Sheikh

• Country’s economy is on the path of growth after the dire situation caused by Corona, the SBP announced the good news.
• The economic growth rate is expected to be 1.5 to 2.5 percent this financial year.
• Pakistan’s gross domestic product (GDP) contracted by 0.4 percent, the first such increase since 1952.

Country’s economy is set to recover

The country’s economy is on the path of growth after the dire situation caused by Corona, the SBP announced the good news, the SBP says that Pakistan’s economy is ready to go on the path of recovery as before the Corona epidemic.

Announcing the good news of economic recovery, the SBP said that the reduction in restrictions on mobility has led to a significant increase in economic activity. The economic growth rate is expected to be 1.5 to 2.5 percent this financial year.

According to the SBP’s Annual Economic Review Report for the financial year 20-2019, the lockdown affected manufacturing, retail, transport and trading sectors to curb the spread of Corona.

Pakistan’s gross domestic product (GDP) contracted by 0.4 percent, the first such increase since 1952. Despite Corona’s economic pressures, the government’s foreign exchange reserves increased by 7 billion in 2020.

According to the SBP, despite huge spending on health and social security, the government deficit halved from last year, while government debt growth in FY20 was limited to 1.1% of GDP.

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