ANL 29.80 Decreased By ▼ -1.55 (-4.94%)
ASC 20.40 Decreased By ▼ -0.50 (-2.39%)
ASL 23.60 Decreased By ▼ -0.30 (-1.26%)
BOP 8.26 Decreased By ▼ -0.15 (-1.78%)
BYCO 9.88 Decreased By ▼ -0.16 (-1.59%)
FCCL 21.85 Decreased By ▼ -0.35 (-1.58%)
FFBL 26.91 Decreased By ▼ -0.53 (-1.93%)
FFL 20.00 Decreased By ▼ -0.79 (-3.8%)
FNEL 8.74 Decreased By ▼ -0.11 (-1.24%)
GGGL 26.40 Decreased By ▼ -1.05 (-3.83%)
GGL 46.04 Decreased By ▼ -1.06 (-2.25%)
HUMNL 7.05 Decreased By ▼ -0.35 (-4.73%)
JSCL 21.62 Decreased By ▼ -0.88 (-3.91%)
KAPCO 38.70 Decreased By ▼ -1.10 (-2.76%)
KEL 3.90 Decreased By ▼ -0.02 (-0.51%)
MDTL 3.56 Decreased By ▼ -0.17 (-4.56%)
MLCF 43.50 Decreased By ▼ -0.77 (-1.74%)
NETSOL 158.50 Decreased By ▼ -7.45 (-4.49%)
PACE 7.45 Decreased By ▼ -0.22 (-2.87%)
PAEL 33.65 Decreased By ▼ -0.36 (-1.06%)
PIBTL 11.00 Decreased By ▼ -0.25 (-2.22%)
POWER 9.20 No Change ▼ 0.00 (0%)
PRL 23.00 Decreased By ▼ -0.80 (-3.36%)
PTC 11.60 Decreased By ▼ -0.13 (-1.11%)
SILK 1.83 Increased By ▲ 0.01 (0.55%)
SNGP 49.80 Increased By ▲ 0.20 (0.4%)
TELE 14.80 Decreased By ▼ -0.26 (-1.73%)
TRG 159.45 Decreased By ▼ -6.75 (-4.06%)
UNITY 40.45 Decreased By ▼ -2.52 (-5.86%)
WTL 3.59 Decreased By ▼ -0.15 (-4.01%)
BR100 5,096 Decreased By ▼ -70.59 (-1.37%)
BR30 25,755 Decreased By ▼ -734.03 (-2.77%)
KSE100 47,318 Decreased By ▼ -368.96 (-0.77%)
KSE30 18,974 Decreased By ▼ -155.31 (-0.81%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
23,133
4424hr
Pakistan Cases
1,015,827
4,11924hr
7.88% positivity
Sindh
371,762
Punjab
354,312
Balochistan
29,861
Islamabad
86,226
KPK
142,400

MADRID: The Bank of Spain on Tuesday lowered its forecast for economic growth this year due a slower than expected roll out of the European Union’s recovery funds for the bloc’s coronavirus-battered economies.

Weaker than expected growth in the first quarter due to fresh restrictions imposed to tackle the third wave of COVID-19 infections also led the central bank to revise its 2021 growth forecast down to 6.0 percent from 6.8 percent predicted in December.

“The economic outlook remains subject to high uncertainty,” it said in a report outlining its latest macroeconomic projections for the Spanish economy, the eurozone’s fourth largest.

Spain’s economy contracted sharply by 11 percent in 2020, one of the worst performers in the eurozone, with its key tourism sector battered by the pandemic.

Spain and Italy, the EU’s hardest hit countries by the pandemic, will be the main beneficiaries of the bloc’s 750 billion euro rescue plan.

The country is due to receive 140 billion euros between 2021 and 2026 but the Bank of Spain said “part of the positive impact” of this plan will only be felt in 2022, and not this year as initially forecast, due to delays in the distribution of the funds.

Socialist Prime Minister Pedro Sanchez vowed in October to use the funds to create over 800,000 new jobs between 2021 and 2023.

Economic growth could reach 7.5 percent this year if the health crisis sparked by the pandemic improves thanks to vaccination of a large part of the population, the central bank said.

But it could be as little as 3.2 percent under the central’s bank’s more pessimistic scenario if the immunisation campaign is slower than expected and fresh waves of infections lead to new restrictions on economic activity.