Economic recovery steadily continues in Pakistan

ISLAMABAD, Pakistan | Xinhua | The economic recovery in Pakistan continues at a steady pace, bolstering business confidence and market sentiment, Pakistan’s Ministry of Finance said on Wednesday.

“Despite significant challenges, the overall economic outlook is optimistic, marked by receding inflationary pressures, positive prospects in agriculture, signs of potential recovery in the industrial sector reflected by positive trends in high-frequency indicators, imports, and a favorable external environment,” the ministry said in its monthly economic outlook report.

The optimistic economic outlook is also evident by the 2.13 percent gross domestic product (GDP) growth achieved in the first quarter of the ongoing fiscal year (starting from July 2023 to June 2024), largely contributed by agriculture and industry, said the report.

The fiscal as well as current account deficit is on a downward trajectory, which signifies better economic management to reduce the macroeconomic imbalances, it added.

“This lays the foundation for progressing towards higher and sustainable economic growth,” the report said, adding that “it is expected that this positive momentum will further strengthen in the upcoming months.” ■