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Saturday 25 May, 2024
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Pakistani Economy Drops from 6.1% to 0.3% in a Year

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

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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

 

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