ISLAMABAD: Prominent industrialist Dr. Mirza Ikhtiar Baig has said that the 3.7 percent GDP growth of Pakistan reported by the latest economic survey can be termed satisfactory keeping in view the global recession but the economic performance of the country can neither be termed bad nor exceptionally good.
Talking to a private news channel, he said the US economy is sluggish, unemployment is continuously on the rise, and bank defaults are taking place, therefore Pakistan's growth is better but it is low as compared to the economic growth of the other countries of the region for instance India and China.
Baig said our circumstances are different from these two countries as Pakistan has been fighting war against terror and natural calamities like floods also hit the country last year.
He said that floods destroyed two million cotton bails last year and hundreds of thousands of live stock heads washed away but despite these losses Pakistan has seen positive growth rather than negative one.
He went on to say that fiscal deficit is less than the previous year but still it needed improvement, inflation has reduced to 11 percent from 20 percent and it will be in single digit next year.
Baig said that our imports have increased due to increase in furnace oil imports and increase in the oil prices but exports to remain constant. He said Pakistan is facing a trade deficit of 18 to 19 billion, however they have highest remittances, which is an improvement.
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