AGL 8.20 Increased By ▲ 0.05 (0.61%)
ANL 11.31 Increased By ▲ 0.22 (1.98%)
AVN 85.33 Increased By ▲ 1.63 (1.95%)
BOP 5.75 Decreased By ▼ -0.10 (-1.71%)
CNERGY 5.89 Increased By ▲ 0.24 (4.25%)
EFERT 80.00 Decreased By ▼ -0.22 (-0.27%)
EPCL 67.90 Increased By ▲ 0.62 (0.92%)
FCCL 15.20 No Change ▼ 0.00 (0%)
FFL 7.25 Increased By ▲ 0.02 (0.28%)
FLYNG 7.94 Decreased By ▼ -0.12 (-1.49%)
GGGL 12.14 Increased By ▲ 0.14 (1.17%)
GGL 17.69 Decreased By ▼ -0.02 (-0.11%)
GTECH 8.95 Increased By ▲ 0.17 (1.94%)
HUMNL 7.27 Increased By ▲ 0.04 (0.55%)
KEL 3.73 Decreased By ▼ -0.01 (-0.27%)
LOTCHEM 31.80 Decreased By ▼ -0.30 (-0.93%)
MLCF 28.95 Decreased By ▼ -0.05 (-0.17%)
OGDC 86.12 Increased By ▲ 0.07 (0.08%)
PAEL 17.50 Increased By ▲ 0.10 (0.57%)
PIBTL 6.30 No Change ▼ 0.00 (0%)
PRL 19.84 Increased By ▲ 0.74 (3.87%)
SILK 1.22 Increased By ▲ 0.03 (2.52%)
TELE 12.30 Increased By ▲ 0.05 (0.41%)
TPL 9.19 Increased By ▲ 0.01 (0.11%)
TPLP 20.75 Increased By ▲ 0.05 (0.24%)
TREET 27.44 Increased By ▲ 0.49 (1.82%)
TRG 99.28 Increased By ▲ 1.53 (1.57%)
UNITY 23.15 Increased By ▲ 0.15 (0.65%)
WAVES 13.37 Decreased By ▼ -0.73 (-5.18%)
WTL 1.37 Increased By ▲ 0.06 (4.58%)
BR100 4,394 Increased By 5.7 (0.13%)
BR30 16,167 Increased By 68.3 (0.42%)
KSE100 43,773 Increased By 96.7 (0.22%)
KSE30 16,586 Increased By 54 (0.33%)
Business & Finance

Hammad confident Pakistan's economy to grow faster than earlier forecasts

  • “Starting from next fiscal year, we will be targeting an even higher growth rate that may exceed 4pc per annum,” said Azhar in a tweet.
Published April 7, 2021

Minister for Finance and Revenue Hammad Azhar has said that the government has targeted a growth rate of over 4 percent from the next fiscal year. The minister expressed confidence that Pakistan's economy will this year grow at a faster rate than earlier forecasts.

“Starting from next fiscal year, we will be targeting an even higher growth rate that may exceed 4pc per annum,” said Azhar in a tweet. The minister said that the said growth will not be based on deficits or depleting reserves ‘but will be sustainable.’

Hammad Azhar further expressed confidence about healthy growth in revenues this year and the achievement of the targets.

“Whilst we will continue to crackdown on tax evasion, we will treat tax broadening as a real priority and not just a cliche. Solid programs will be devised for this objective,” he added.

The statement from the finance minister comes after the International Monetary Fund (IMF) has projected Pakistan’s GDP growth rate at 1.5 percent for 2021, against a negative 0.4 percent in 2020. It projected a rise in unemployment from 4.5 percent in 2020 to five percent in 2021.

The IMF in its latest report, “World Economic Outlook (WEO), managing divergent recoveries” has projected GDP growth rate at 1.5 percent in 2021 against -0.4 percent in 2020 and projected at 4 percent for 2022.

The Fund has also projected a decline in inflation from 10.7 percent in 2020 to 8.7 percent in 2021, which is projected to decline to eight percent in 2022.

Comments

Comments are closed.