Pakistan's economy to grow 3-4pc in 2011/12

KARACHI: State Bank of Pakistan (SBP) said on Monday the country's economy is likely to grow by 3-4 percent in the 2011/12 fiscal year (July-June), similar to the 3.8 percent forecast by the International Monetary Fund earlier this year.

The government has set a gross domestic product (GDP) growth target of 4.2 percent for the year.

In its annual report, the State Bank of Pakistan also said that the fiscal deficit for the year is likely to range between 5.5 and 6.5 percent of GDP, against a government target of 4 percent.