SBP podcast: Steps aimed at stabilising economy discussed

KARACHI: The latest episode of the SBP Podcast series delves into the details of Pakistan’s economic landscape, as outlined in the Annual Report FY23 on The State of Pakistan’s Economy, issued on October 23, 2023.

In the podcast, Director - Economic Policy Review Department SBP, Fida Hussain shed light on the impact of global economic dynamics, internal policy measures during 2022-23 and the need for continuity of structural reforms to foster sustainable growth.

Fida Hussain discussed measures undertaken by the SBP and the government to stabilize the economy, including prioritization of essential imports and a flexible exchange rate policy which helped contain the decline in foreign reserves.

The podcast underscores the importance of structural reforms to bolster Pakistan’s economic resilience and productivity. Highlighting the key areas such as agricultural productivity, investment, broadening of the tax base, privatization of State-Owned Enterprises (SOEs), and diversification of the export base, Fida Hussain emphasized the importance of these reforms in stimulating sustainable economic growth and development.

The discussion concludes on an optimistic note, with the latest economic data reflecting positive trends in industrial and agricultural production which indicates a promising economic recovery for Pakistan in FY24.

Anticipating a GDP growth of 2-3 percent, the episode presents a hopeful picture for FY24, albeit with a cautious approach towards managing the current account deficit amidst an anticipated increase in aggregate demand.

Copyright Business Recorder, 2023