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World Bank projects 5.4 per cent growth rate for Pakistan in 2018

Published Nov 10, 2016 09:04pm

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Pakistan's economy is set to grow by a robust 5.4 per cent by 2018 as Chinese investment from a multi-billion dollar infrastructure project flows into the country, the World Bank predicted in a new report Thursday.

Pakistan, South Asia's second-biggest economy, is growing with security improving and the International Monetary Fund (IMF) claiming in October that it has emerged from economic crisis after completing a bailout programme, though it still faces major challenges.

Pakistan recorded a 4.7pc growth in gross domestic product (GDP) for the fiscal year ended June 2016, the highest rate in eight years, and Prime Minister Nawaz Sharif has set an ambitious target of 5.7pc for the current year.

Nawaz is banking on structural reforms, the improved energy sector, taxation -- and China's ambitious $46 billion infrastructure project, the China-Pakistan Economic Corridor (CPEC), linking its western province of Xinjiang to the Arabian Sea via Pakistan.

The World Bank report appeared optimistic about Nawaz's plans, predicting even further growth in 2018.

“The pace of Pakistan's economic growth will accelerate to 5.4pc in fiscal 2018,” the Bank report said, observing that a moderate increase in investment mainly related to CPEC projects is expected to contribute to an acceleration of growth.

The bank also noted Pakistan's efforts to address grinding poverty, including with revised ways to measure it.

“Based on the revised poverty line, the percentage of people living below the poverty line decreased from 64.3pc in 2002 to 29.5pc in 2014,” the report said.

Illango Patchamutu, World Bank country director for Pakistan, said the country needs to push forward with deeper structural reforms, and that the World Bank stood ready to support such an agenda.

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Comments (28) Closed



Kashmiri Nov 10, 2016 09:30pm

I can look forward to Pakistan becoming one of the greatest nations of the world (Mohammad Ali Jinnah)

Yes, Quaid that day seems coming soon. Pakistan Zindabaad.

A Shah Nov 10, 2016 10:19pm

Soon will be bigger then Indian economy.

Jain Nov 10, 2016 10:19pm

Thank you Musharraf for initiating project Gwadar. Thank you Pak Army and police for laying down your lives for us. Thank you people of Pakistan for standing up against corruption and I thank IK and PTI for at least raising voice on our behalf. I have high hopes from Judiciary now, I have lost my faith in the corrupt government and staus quo

I hope together against all odds we will succeed. God Willing.

Shehzad Nov 10, 2016 10:35pm

Positive development.

Can do better if governance improves.

Lahori Kid Nov 10, 2016 10:46pm

So we are expecting a growth of 5.4% in 2018? Aren't the elections in 2018? How fitting is the statement than. I really hope its true though, the people of Pakistan can sure use a bit of good news for a change.

Fauji Ghee Nov 10, 2016 10:58pm

World Bank wants us to repay on time

abdul qadir bastaki Nov 10, 2016 11:03pm

@Kashmiri Inshallah

khawar saleem aslam Nov 10, 2016 11:08pm

Let us hope growth trend continues and there is no internal upheaval.Press role in highlighting positive aspects is equally important for investors confidence.

Jay Nov 10, 2016 11:18pm

I hope we get out of our debt soon.

M.naeem Nov 10, 2016 11:27pm

@Kashmiri: you are absoutly right and agreed with you!!!

Aussie Nov 11, 2016 12:29am

5.4% growth in population.

Ash Man Nov 11, 2016 12:36am

It is very much possible that if there is no corruption Pakistan can have a higher GDP growth than China by 2020.

Omar Nov 11, 2016 01:13am

Must keep the momentum going and continue to project our country in a positive manner. We need to attract more foreign investors and turn Pakistan into an investment friendly nation. We need to all be ambassadors of our nation and stop this negative talking at every opportunity but rather stick together and realize this is the country we have to work with and need to promote. I have full faith in our prosperity and our reliance over the decades is proof of this!

Sixer from Chakwal Nov 11, 2016 01:31am

@Kashmiri Would there be holiday on Quaid day because on Iqbal day it was not?

peace Nov 11, 2016 01:53am

Good job, I can believe. Kudos to prime Minister, we need good news from our homeland.

Starzan Nov 11, 2016 02:19am

@Kashmiri. InshaAllah!

Common man Nov 11, 2016 03:17am

Well done Nawaz Sharif

Naeem Nov 11, 2016 04:34am

Well done Mr. PM.

Arif Nov 11, 2016 05:37am

Who Should I believe, Imran or World Bank?

deva Nov 11, 2016 06:34am

which is sector giving growth? Infra due to CPEC?

M. Emad Nov 11, 2016 07:52am

World Bank projects 6.8 per cent growth rate for Bangladesh in 2018.

Ahmad Nov 11, 2016 09:24am

@Kashmiri With such a small economy, a 5.4% growth will not take Pakistan anywhere.

Omar Nov 11, 2016 11:14am

We must sustain and continue this upsurge in our economy which will pay dividends to all. Soon our naturally booming economy and talent will shine for all to see; both at home and the world at large. A strong Pakistani economy is in everyone's interest!

Optimistic Nov 11, 2016 12:05pm

We got a good news by mistake. Let's find a conspiracy in it. Let's disagree without sensible argument, let's dispute it without any facts and figures and if any credit is to be given, let's give give it to everyone else other than elected government of Pakistan.

Ali imran Nov 11, 2016 01:27pm

I am satisfied with this report published by dawn news this is really encouraging pakistan image in all over the world, it's good news for the peoples of pakistan.

Alok Nandal Nov 11, 2016 08:47pm

Good to see Pakistanis motivated about development!!

Saad Nov 12, 2016 12:28am

@A shah....bigger economy then India? even with 6% consistent growth rate, it will take at least 10 years for Pakistan to become 500 billion GDP

MAlvi Nov 12, 2016 07:38am

Word Bank projects 5.4%. What is Pakistan's own projection? Are we going to live for ever on projections, or some thing will be done also?