Pakistan’s GDP growth rate for 2020-21 has been raised up to 5.37 percent from 3.9 percent, according to the minister for planning and development.
The Pakistan GDP rate for 2020-21 has been revised twice, first to 2.3 percent in the annual budget for 2020, and subsequently to 3.9 percent by the central bank.
“The Pakistan GDP growth in 2020-21 was 5.37 percent,” minister Asad Umar said in a tweet, adding that the revised estimate of GDP growth has been authorized by the National Accounts Committee (NAC). The National Advisory Council (NAC) is a government organization that examines economic indicators.
Between July 1, 2020, and June 30, 2021, Pakistan’s fiscal year, the economy recovered. Due to the global impact of COVID-19 shutdowns, the South Asian nation’s GDP shrank in the previous fiscal year.
According to Umar, the updated figure represents Pakistan’s second highest GDP growth in the last 14 years. He attributed the increased rise to robust industrial growth between April and June. The country has set a growth target of 4.8 percent for 2021-22, but policymakers are optimistic that growth would exceed 5%.
With inflation at 12.3%, rising food and energy prices are putting Prime Minister Imran Khan under growing pressure from his major support base, the middle class.
The PTI government published a mid-year budget earlier this month, announcing the elimination of tax exemptions in a variety of sectors in order to earn $1.93 billion for the current fiscal year under IMF terms.