Breaking News :

Nausheen Shah hits back at trolls on Instagram

Current account deficit to remain between 2-3pc in FY22: SBP

Sharif met Mohib to protect Pakistan’s national interest: Abbasi

Pakistan, Saudi Arabia agree to further economic cooperation

Noor asked me to bring Rs700,000 to Zahir’s house: driver

China, Pakistan agree to boost cooperation under CPEC

Pak, Saudi Arabia agree to further bilateral ties

PML-N, PPP reject AJK results

Pakistan ranks top 10 in business environment: Chinese report

PPP bags Sindh-Balochistan seat of AJK assembly

Four martyred in AJK as Army vehicle falls into ravine

PTI wins 25 seats in AJK elections

25 textile companies contribute 21pc to $25bn exports

Gandapur’s misogynist remarks against Maryam draw public ire

I am definitely the candidate to replace PM Khan: Mehwish Hayat

Govt welcomes UK move against corrupt elements

Tajik forces declare readiness to counter any uncertain scenario on Afghan border

Qureshi set to embark on China visit today

Cargo ship stranded at Karachi’s Seaview for second day

Video of a bull getting out of control and shot goes viral

A must-try recipe for this Bakrid

WhatsApp introduces joinable calls feature

Delta variant on a roll in Karachi

Security of Chinese nationals improved after Dasu incident

Zalmay holds talks with Army Chief, PM

Cryptocurrency advocates want Pakistan to align itself with modern times

Saudi Arabia allows shops to remain open during prayers

Behroze Sabzwari speaks on his son’s separation with Syra Yousuf

RSS ideology main hurdle in Indo-Pak peace: PM Khan

Uninstall these apps if you want to use WhatsApp

Pakistan, Uzbekistan set to produce a film together

Mahira Khan says she is not even engaged

Disappointed at allegations from Afghanistan: PM Khan

Chaman border closed after Taliban get close

Pakistan for Afghan-owned solution in Afghanistan: Qureshi

Some updates about the upcoming iPhone 13

Sherry says Pakistan doesn’t criminalise violence

Will EVMs be effective in Pakistan?

Cuba proposes to establish a vaccine plant in Pakistan

Ban on TLP to be maintained: Fawad Chaudhary

Twitter lashes out at Pakistani team as they suffer a 3-0 whitewash

Maryam Nawaz’s blunder lands her into hot waters yet again

Taliban destroy two helicopters of the Afghan forces

Naegleria claims 4th life in Karachi

PM Khan reiterates support to Kashmiri struggle for freedom

Monsoon season begins in Pakistan

Khalilzad embarks on diplomacy tour of Qatar, Uzbekistan and Pakistan

Bushra Ansari proves again that age is just a number

No taxes on imports for exports sector from Aug 14: FBR

Faysal Quraishi recreates his viral ‘jaahil log’ video

Pakistan welcomes Iran’s role in Afghan peace process

WhatsApp may finally allow you to select quality for sending visual content

Beware! 22 brands of water declared unsafe for human consumption

PM warns nation of Covid-19’s Indian variant

Shahroz says he always saw a life partner in Sadaf

Biden vows to stand by Afghan security forces

Pakistan to see electric cars in this month

China assures to stand behind Pakistan regardless of world politics

Pak vs Eng: Haris Sohail ruled out of ODI series

Spotify vs Apple Music vs Sound Cloud: 12 best music streaming services in 2021

$1b Eurobonds floated at 8.5% interest rate

Man accused of assaulting young couple arrested in Islamabad

Legendary Bollywood actor Dilip Kumar passes away

Karachi matric board chairperson explains details behind controversy

How to know if you have been blocked by someone on Whatsapp?

India clearly behind Lahore blast: Sheikh Rashid

State keen to talk to Baloch insurgents: Chaudhary

People unhappy with scantily clad women at Hum Style Awards

Minal’s fans are worried after her hospital pictures go viral

Why you should refrain from investing in crypto

Selected Imran should refrain from commenting on Pakistan’s nuclear assets: Maryam Nawaz

Khalil-ur-Rehman Qamar sides with PM Khan over his statements on rape

UAE-Pakistan friendly ties continue to foster growth, development

Pakistan’s economy to rebound in FY2021, says ADB

Pakistan’s economy to rebound in FY2021, says ADB

Pakistan’s economy to rebound in FY2021, says ADB

The Asian Development Bank (ADB) has said that Pakistan’s economy will rebound in the current fiscal year to post 2.4 per cent GDP growth given that the Covid-19 pandemic is contained and the authorities continue with the International Monetary Fund (IMF) led reforms.

Pakistan is projected to experience a broad economic recovery in FY2021 (which ends June 30, 2021) as the economic sentiment improves with the expected subsiding of the coronavirus pandemic and the resumption of structural reforms, said an ADB report.

The ADB development outlook update released today revised the 2020 growth forecast for Pakistan to negative 0.4pc and the growth forecast for 2021 to 2.0pc.

In April, the ADB had forecast Pakistan to grow 2pc this year and 3.2pc next year. Covid-19 severely impacted economic activity in 2020, erasing gains achieved in the first half of the fiscal year. The suspension of travel and the closure of nonessential businesses induced concurrent demand and supply shocks.

Rising food prices pushed inflation from 6.8pc in FY2019 to 10.7pc in FY2020, however inflation is projected to slow to 7.5pc in FY2021. The current account deficit eased considerably as merchandise imports fell steeply due to containment disruptions, lower oil prices, and local currency depreciation.

As inflationary pressures eased, the State Bank of Pakistan cut its policy rate by a cumulative 625 basis points from March to June 2020 to 7.0pc and introduced additional measures to support the economic recovery.

“Pakistan has achieved notable success in containing the dual health and economic challenge presented by COVID-19,” said ADB Country Director for Pakistan Xiaohong Yang. “As the curve flattens and business activity resumes, the economy is showing signs of resilience and recovery.”

Read Previous

Celebrities hold their own protest against rape

Read Next

Series against Zimbabwe best opportunity to test youngsters: Hafeez

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x