Islamabad: The Asian Development Bank (ADB) has emphasized the importance of consistent policy reforms in Pakistan, stating that their steadfast implementation is vital for stabilizing the economy and fostering growth. The remarks were highlighted in the context of Pakistan’s economic performance over the last fiscal year, which saw significant support from various sectors including domestic consumption, agriculture, and remittances.
According to Ministry of Information and Broadcasting, the Asian Development Bank detailed Pakistan’s economic scenario in its latest Asian Development Outlook September 2024 report. The report notes that Pakistan’s gross domestic product (GDP) grew modestly by 2.4 percent during the last fiscal year and is projected to rise to 2.8 percent in the upcoming financial year. This growth projection is accompanied by an expected decline in inflation rates.
ADB Country Director for Pakistan, Yong Ye, stressed the critical link between economic prospects and the implementation of policy reforms. He noted that the economic adjustment program currently underway is crucial for providing a stable macroeconomic environment, which in turn would bolster economic activity across the country.
The ADB’s focus on rigorous reform implementation comes at a time when Pakistan is navigating various economic challenges, aiming to secure a recovery path that ensures sustainable growth and development for its population.