The Special Investment Facilitation Council (SIFC) has been working hard at the policy level to revive Pakistan’s economy and the results show that the country’s economy is growing.
According to the latest report from the Asian Development Bank, State Bank of Pakistan and Pakistan Bureau of Statistics, Pakistan’s economy has been moving in the right direction for the past 9 months.
Pakistan’s economy is doing better this year than in 2023, but inflation has not come down. This is mainly due to bad decisions in the past and unexpected natural disasters.
Asian Development Bank has reported that Pakistan Beer Stock has seen an upward trend and the rupee has stabilized against the US dollar.
The State Bank of Pakistan estimates GDP growth at 2 to 3 percent, with agriculture as the main contributor.
According to the State Bank of Pakistan, the growth rate of agriculture in the fiscal year 2024 is more than 7 percent due to the increase in wheat, rice, maize and cotton crops.
The current account increased by $619 million as Pakistanis sent more money to the country. Compared to last year, the current account deficit is down by 87.5% to $0.5 billion in fiscal year 2024.
A narrowing of the current account deficit helped the State Bank maintain foreign exchange reserves of $ 8 billion despite a turnover of 1 billion euros.
