Islamabad, Recent economic reports have revealed a substantial growth in Pakistan’s economy, characterized by robust performance in agriculture and financial stability. Key sectors such as agriculture have experienced a growth rate exceeding 7% this fiscal year, primarily due to high yields of wheat, rice, corn, and cotton.
According to Ministry of Information and Broadcasting, data compiled by the Asian Development Bank, the State Bank, and the Pakistan Bureau of Statistics indicates a promising trend in various economic indicators. The agricultural sector’s surge is attributed to a bumper production of major crops, underscoring its pivotal role in the national economy.
The Pakistani rupee has maintained stability against the dollar, and a bullish trend was observed in the Pakistan Stock Exchange, reflecting growing investor confidence. Additionally, an increase in remittances from Pakistanis abroad has bolstered the current account by $619 million.
The current account deficit has seen a dramatic reduction of 87.5%, lowering to $0.5 billion, which has enabled the State Bank to sustain foreign exchange reserves at around eight billion dollars. The Asian Development Bank also projects a significant decrease in the inflation rate from 25% to 15% by next year, provided the economic momentum continues.
The report highlighted the efforts of the Special Investment Facilitation Council, which has implemented key policy measures aimed at steering the economy towards sustained growth, ultimately yielding positive outcomes.