Islamabad
The Asian Development Bank has predicted an increase in Pakistan’s economic growth rate in fiscal year 2024 compared to 2023.
The Asian Development Bank has released a report on Pakistan’s economic growth rate.
It has been said that Pakistan’s economy will recover to 1.19% in the fiscal year 2024, during the last financial year and the economy suffered a decline of 0.3%.
Due to the rapid increase in electricity prices inflation will not decrease significantly and the continuous depreciation of the rupee against the dollar will keep inflation high.
According to report, the shocks of increase in oil prices in the world market are a challenge for the economy. Slow global growth rate has also caused Pakistan’s economic growth to slow down.
Policy reforms are necessary to stabilize the economy. Continuity in policies is necessary for economic development.
The Asian Development Bank said that government will have to make effective use of social and development spending to restore economic growth.
Pakistan also needs a market-based exchange rate. During the fiscal year 2024, economy of Pakistan will get stability due to election and the overall rate of inflation will be 25% this year. Last financial year growth rate was low due to political instability and floods.
