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World Bank revises Pakistan's growth rate upward

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World Bank has revised Pakistan's growth rate upward to 5.2 per cent for fiscal year 2017 and 5.5 per cent for 2018.

The bank previously estimated growth in Gross Domestic Product (GDP) of Pakistan 5 per cent and 5.4 per cent respectively, a private news channel reported.

The report “Global Economic Prospects; weak investment in uncertain times”, states that the uptake in activity was spurred by a combination of low commodity prices, rising infrastructure spending, and reforms that lifted domestic demand and improved the business climate.

In Pakistan, growth is forecast to accelerate from 5.5 per cent in fiscal year 2018 to 5.8 per cent a year in fiscal year 2019-20, reflecting improvements in agriculture, infrastructure, energy, and external demand.

The report further mentioned the successful conclusion of Special Drawing Rights (SDR) 4.393 billion International Monetary Fund's Extended Fund Facility (EFF) programme, aimed at supporting reforms and reducing fiscal and external sector vulnerabilities, lifted consumer and investor confidence.

The China-Pakistan Economic Corridor (CPEC) project will increase investment in the medium-term, and alleviate transportation bottlenecks and electricity shortages.

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Comments (11) Closed



Ajay Sachdeva Jan 11, 2017 08:17pm

Good for Pakistan,once the cycle of development starts it becomes addictive.

bishmullaa Jan 11, 2017 08:15pm

Good news.

hamza Jan 11, 2017 08:23pm

ALHAMDULILLAH

Sab Se Pehle Pakistan Jan 11, 2017 08:43pm

Yes growth is happening in personal accounts of our so called democratic government's ministers and leadership.

Guy123 Jan 11, 2017 08:51pm

Pml-N 2018!

Ahsan Jan 11, 2017 09:17pm

Mabrook Inshallah once CPEC becomes fully operative, it will go a long way to further boost these statistical data and microeconomics of Pakistan.

Adnan Jan 12, 2017 01:19am

Pakistan Rising!

M. Emad Jan 12, 2017 02:10am

WB 2017 estimated/ 2018 forecasted GDP growth rate (%): Pakistan-5.2/5.5, Bangladesh-6.8/6.5, India-7.0/7.6.

Omar Jan 12, 2017 04:37am

Up Up and away! Lets start this developmental train and become the lion we are supposed to be. Good job Pakistan. Must also give credit where it is due. Good job to the government as well for encouraging all of this unprecedented development.

afridi Jan 12, 2017 08:52am

claims a local tv channel.

MALEEHA Jan 12, 2017 01:27pm

Good for Pakistan but again Pakistan has to think for long term by bringing 'those' in tax net.