19.9 C
Islamabad
Sunday, October 2, 2022

Economic Survey Report shows economy was booming under Imran Khan

After being crippled by the pandemic, Pakistan’s economy has made a tremendous comeback. Real GDP increased by 5.97 percent in FY2022, with 4.40 percent growth in agriculture, 7.19 percent growth in the industrial sector, and 6.19 percent growth in the services sector.

The commendable achievements of Imran Khan and why he is still drawing massive crowds

Pakistan’s Finance Minister Miftah Ismail delivered the Pakistan Economic Survey (PES) 2021-22, which revealed a 5.97 percent growth rate versus a target of 4.8 percent.

However, the country’s growth story was dampened in the face of glaring macroeconomic imbalances, suggesting that this growth is unsustainable. The country recovered from the pandemic (when the economy contracted) and maintained a V-Shaped recovery by posting real GDP growth of 5.97 percent this year.

Investments in Pakistan’s telecom sector reached $6.1 billion during Imran Khan’s PTI govt

Pakistan’s Economic Survey Report

The Pakistan Economic Survey is an annual study on the economy’s performance, with an emphasis on key macroeconomic indicators. This time, probably for the first time, a new government (headed by the PML-N) is presenting the economic record of a previous government (PTI).

“Obtaining growth was not an issue for Pakistan,” the finance minister said at the launch of the poll. “The true issue for Pakistan is achieving sustainable growth.”

PM Imran Khan address to the Nation. Petrol, Diesel price reduced by Rs. 10 per liter, Electricity price reduced by Rs.5 per unit.

“GDP growth is 5.97 percent this year… yet the current account deficit has once again demonstrated that we have a balance of payments problem,” Ismail remarked.

Agriculture Sector Growth

The agriculture sector showed a phenomenal increase of 4.40 percent in FY2022, surpassing the target of 3.5 percent and last year’s growth of 3.48 percent,” according to the Economic Survey.

CPEC has attracted $25 billion investment, created 200,000 Jobs in Pakistan in 8 years

This overall expansion was driven by 4.40 percent growth in agriculture, 7.19 percent growth in industries, and 6.19 percent growth in services, implying that all three major sectors exceeded their respective forecasts of 3.5 percent, 6.5 percent, and 4.7 percent.

Despite the fact that the country exceeded overall growth estimates as well as sector-specific growth targets, the survey document states that “underlying macroeconomic imbalances and accompanying domestic and international concerns have dampened celebrations.”

With average 1.84 million jobs a year, Pakistan’s economy created record 5.5 million jobs in last three years

Electricity Sector Growth

Installed capacity is expected to expand from 33,554 MW in 2018 to 41,557 MW in 2022, according to the Economic Survey (8000 added in last 4 years). Summertime demand is at around 25000 MW. Why do we require greater capacity? Only 60% of the installed capacity is currently being used.

PM Imran Khan address to the Nation. Petrol, Diesel price reduced by Rs. 10 per liter, Electricity price reduced by Rs.5 per unit.

Exports Growth

Total exports have increased in the former PTI government. According to the target set for exports by the Imran government exports it was $26.83 billion but the policies of the PTI Government made it able for the government to achieve $28.85 billions.

Pakistan’s exports reached a total of $ 28.8 Billion in 11 months

Literacy Rate Improvement

“The literacy rate has increased in all provinces: Punjab (66.1 percent to 66.3 percent), Sindh (61.6 percent to 61.8 percent), Khyber Pakhtunkhwa (52.4 percent to 55.1 percent), and Balochistan (52.4 percent to 55.1 percent,” according to the survey (53.9 percent to 54.5 percent).

Ehsaas Stipend program worth Rs.100 billion rolled out to support education of 10 million children (especially girls)

Reduced Unemployment

According to the survey, the unemployment rate fell from 6.9% in FY2019 to 6.3 percent in FY2021.However, employment in the agriculture sector fell while it rose in the construction industry.

With average 1.84 million jobs a year, Pakistan’s economy created record 5.5 million jobs in last three years

 

Related Articles

Latest Articles