Leading American Magazine, Forbes has acknowledged Pakistan’s prudent policies to keep the economy stable during the Corona Crisis, with the possibility of a 4% increase in domestic production.
The magazine said, “Even giants like the United States and India have had difficulty dealing with the coronavirus pandemic. Donald Trump, Dwayne Johnson, and Ellen DeGeneres have all been infected by this virus. In this situation, Pakistan has succeeded in reviving its economy, which is expected to grow by nearly 4% in 2021, exceeding initial projections.”
The federal government has taken decisions like Smart Lockdown, Mini-Lockdown, and Micro Lockdown to keep the economy afloat even during the worst situation of Coronavirus so that the jobs are not affected and the pandemic situation can be dealt with.
The steps taken by Pakistan during the epidemic situation have also been praised by the American magazine Forbes.
Forbes Magazine reports that at a time when countries like the United States and India are having difficulty dealing with the coronavirus, Pakistan has managed to revive its economy.
Last week Pakistan reported the highest traded volumes on the Pakistan Stock Exchange at 1.56 billion shares and 2.21 billion shares respectively on May 26 and May 27, the magazine said.
Citing Governor State Bank of Pakistan Raza Baqir, the magazine said that Pakistan’s GDP grew exponentially due to flexible fiscal and monetary policies. The SBP immediately reduced the policy rate by 625 points. Also provided a relief package which was 5% of the total GDP.
The magazine mentions Pakistan’s economic figures saying that the State Bank of Pakistan (SBP) initially predicted a 3% growth in GDP, while the International Monetary Fund (IMF) and World Bank predicted 1.5% and 1.3% increases, respectively. The country’s per capita income will rise 14.6% from $1,405 in 2020 to $1,610 in 2021.
However, we must keep in mind that Pakistan’s revised GDP growth rate is 3.94 percent, which according to some experts is a conservative figure by the government.
Raza Baqir said that due to the prudent fiscal and monetary policies of the government, the debt has not increased in terms of GDP while the inflation rate is likely to remain at 7-9%.
According to the American magazine, Pakistan was successful in converting a $19 billion current account deficit into a $900 million surplus, as well as more than doubling the country’s foreign reserves from $7.2 billion to $16 billion.
Pakistan’s Economic Expert and Chairman NAVTCC Javed Hassan also took to Twitter to mention some of the Export figures for the outgoing fiscal year 2021.
It is worth mentioning that this is the fiscal year when the world has been hit by the pandemic and the international economic relations did not start resumption until the second half of the current fiscal year.
The export growth for the thirteen sectors for the eleven months of the fiscal year 2021 (11MFY21) was all in double digits.
– surgical instruments 17%$398.88m
– gloves 23% 285m
– pharmaceutical 27% $240m
– worn clothing 33% $228.4m
— Javed Hassan (@javedhassan) June 7, 2021
Some of the major sectors where the highest value of exports was seen were textile products with Year-on-Year growth in 11MFY21 was 27 percent with a value of $3.642 billion followed by men’s and women’s garments, with 16 percent and 33 percent growth in exports respectively.