No Script Javascript is disabled. Please enable it for better working experience.
Advertisement
Thursday 21 March, 2024
Advertisement

Pakistani Economy Drops from 6.1% to 0.3% in a Year

BY Shahzad Saeed May 26, 2023. 05:47 pm

Advertisement

Due to severe import restrictions put in place to prevent sovereign default, Pakistan’s economic growth rate for the previous fiscal year drastically decreased to 0.3%. This has had detrimental effects on the services sector as well as a crippled industrial sector.

The 0.3% growth rate is the lowest in the previous four years, highlighting the economy’s poor management, which is insufficient to meet the needs of the 250 million people living in the country.

Surprisingly, despite severe flooding, the agricultural sector managed to grow by 1.6%, defying predictions that it would shrink as a result of ruined crops. The largest sector of the economy, services, however, only saw nominal growth of 0.9% while the industrial sector shrank by 2.94%.

In every sector, the government has fallen short of its goals, which has resulted in widespread economic mismanagement, significant job losses, and the most alarming inflation rate in 59 years at 36.4%.

The provisional Gross Domestic Product (GDP) growth rate for the fiscal year 2022–2023 has just been approved by the National Accounts Committee. The government’s poor economic management, devastating floods, and skyrocketing inflation have all significantly hurt Pakistan’s economy.

The government attempted to secure an IMF agreement by devaluing the rupee and raising utility costs, but it was unable to revive the IMF program or stop the impending economic collapse.

Read more: Chaudhry Khalid Rahmat, Pakistani “Ibn Battuta”, Has Traveled to 100 Countries

 

Advertisement
More News on

Related Articles

Axl Rose accused of sexual assault and battery
Latest

Axl Rose accused of sexual assault and battery

Axl Rose, the frontman of Guns N' Roses, is charged with battery...

Hannah Hawkins Dead, Cause of Death
Latest

Hannah Hawkins Dead, Cause of Death

Hannah Hawkins, an ITV producer, lost her life to breast cancer, her...

Coldwave to hit Pakistan after Oct 17
Latest

Coldwave to hit Pakistan after Oct 17

According to the Pakistan Meteorological Department (PMD) on Thursday, a cold wave...

Maryam Nawaz's son Junaid Safdar divorce Ayesha
Latest

Maryam Nawaz's son Junaid Safdar divorce Ayesha

Junaid Safdar, the son of Pakistan Muslim League-Nawaz (PML-N) Maryam Nawaz, announced...

Who is Kathy Leutner? Sidney Crosby’s girlfriend
Latest

Who is Kathy Leutner? Sidney Crosby’s girlfriend

PITTSBURGH Sidney Crosby, a standout for the Penguins and one of the...

Petrol Price in Pakistan reduced by Rs. 8 from 1st October
Latest

Petrol Price in Pakistan reduced by Rs. 8 from 1st October

After three large increases in the previous fortnightly reviews, the caretaker government...

Advertisement

Latest News

Who was Courtney Fannon? What was her cause of death
US

Who was Courtney Fannon? What was her cause of death

In her tight-knit New York community, COURTNEY Fannon was regarded as an...

Rapper Bo$$ dead at 54, Cause of death
Entertainment

Rapper Bo$$ dead at 54, Cause of death

Lichelle Marie Laws, a.k.a. rapper Boss, passed away at the age of...

Sophia Leone Dead at 26, Cause of Death
Entertainment

Sophia Leone Dead at 26, Cause of Death

Sophia Leone, an adult film star, passed away, according to her family,...

Camryn Herriage college grad in ICU, friend killed after crash
US

Camryn Herriage college grad in ICU, friend killed after crash

This is due to the Saudi Arabian Grand Prix, which is scheduled...

Advertisement