Committee to analyse industry, agriculture, and services for economic progress
Islamabad: NAC to review economic performance stats tomorrow. The National Accounts Committee is scheduled to convene tomorrow to review and approve the economic performance statistics for the ongoing financial year.
The committee, chaired by the Federal Secretary Planning, will approve economic development statistics and assess the nation’s progress towards its 3.5% GDP growth target.
The meeting comes amid varying forecasts from international organizations and local institutions. The International Monetary Fund (IMF) predicts a modest 2% growth, while the State Bank of Pakistan estimates a 2-3% expansion.
The Ministry of Finance reports a 2.5% growth rate in the first quarter and 1% in the second quarter, with expectations of improvement in the second half of the financial year.
The Committee will scrutinise the performance of key sectors, including industry, agriculture, and services, to determine if the country is on track to meet its economic goals.
The approval of economic development statistics will provide a clearer picture of Pakistan’s economic health.
Read More: IMF asks Pakistan to increase power tariff
Read Also:-
World Bank forecasts economic recovery in Pakistan
The World Bank has predicted a decrease in inflation and modest economic growth in Pakistan for the next financial year, 2024-25.
According to the bank’s report, inflation is expected to slow down to 15% in the next fiscal year, from the current 26% in the ongoing financial year.
The report also predicts a 2.3% economic growth rate for the next financial year, a slight improvement from the 1.8% growth rate expected for the current fiscal year. The growth rate of agriculture and industry is expected to be 2.2% in the next fiscal year.
The World Bank report also forecasted a reduction in the current account deficit to 0.6% of the economy in the next fiscal year, from the current 8% of the GDP.
Additionally, the financial deficit is expected to decrease to 7.4% of the GDP in the next fiscal year, from the current 8% of the GDP.
NAC to review economic performance stats tomorrow
Comments are closed, but trackbacks and pingbacks are open.