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Pakistan’s GDP to decline to 5.1% in FY2019, claims ADB report
April 12, 2018
Samaa Web Desk
The GDP for the current fiscal year in Pakistan is expected to remain at 5.6% and is expected to drop down to 5.1%, according to the latest report by ADB titled Asian Development Outlook (ADO) 2018.
Pakistan’s foreign debt will rise and the country’s current account deficit is likely to hamper its economic growth, claims the report.
Pakistan is likely to witness a rise in the price of dollar and oil in the next month. This increase in prices will result in more inflation occurring in the country.
The report says that the regulatory duty failed in decreasing imports in the country. Pakistan witnessed an increase in imports, especially of electronic appliances, cars and machinery.
Xiaohong Yang, ADB Country Director for Pakistan, advised the country to increase its exports to boost its economy.
“Pakistan’s economic prospects in the coming years remain positive if budget and current account deficits are reduced and exports are rejuvenated by improving the country’s competitiveness,” he said.
The report said that the current account deficit is likely to increase because of spillover from higher investment expenditure.
“Therefore, securing adequate financing to fill the gap in foreign exchange reserve is an additional challenge.”
https://www.samaa.tv/pakistan/2018/04/pakistans-gdp-to-decline-to-5-1-in-fy2019-adb-report/
April 12, 2018
Samaa Web Desk
The GDP for the current fiscal year in Pakistan is expected to remain at 5.6% and is expected to drop down to 5.1%, according to the latest report by ADB titled Asian Development Outlook (ADO) 2018.
Pakistan’s foreign debt will rise and the country’s current account deficit is likely to hamper its economic growth, claims the report.
Pakistan is likely to witness a rise in the price of dollar and oil in the next month. This increase in prices will result in more inflation occurring in the country.
The report says that the regulatory duty failed in decreasing imports in the country. Pakistan witnessed an increase in imports, especially of electronic appliances, cars and machinery.
Xiaohong Yang, ADB Country Director for Pakistan, advised the country to increase its exports to boost its economy.
“Pakistan’s economic prospects in the coming years remain positive if budget and current account deficits are reduced and exports are rejuvenated by improving the country’s competitiveness,” he said.
The report said that the current account deficit is likely to increase because of spillover from higher investment expenditure.
“Therefore, securing adequate financing to fill the gap in foreign exchange reserve is an additional challenge.”
https://www.samaa.tv/pakistan/2018/04/pakistans-gdp-to-decline-to-5-1-in-fy2019-adb-report/
