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Monday, July 15, 2024

Pakistan’s economy showed robust growth in Imran Khan’s final year

Most of the targets set for the outgoing fiscal year 2021-22 seemed to be achieved or even surpassed the previous years’ targets.

It seems the economy fared better during the fiscal year 2021-2022, i.e. the PTI government’s final year. PML-N took over in April after the controversial vote of no confidence. While PML-N claims that Imran Khan’s government ruined the economy, broad-based growth was witnessed in all the sectors of the economy.

The incumbent government will today launch the pre-budget document, Economic Survey of Pakistan 2021-22, showing a robust GDP growth rate of 5.97 percent. The survey would cover the development of all the important sectors of the economy, including growth.

According to details reported by the media, most of the targets set for the outgoing fiscal year 2021-22 seemed to be achieved or even surpassed the previous years’ targets, as the macro economic indicators have shown good performance during the year.

Read more: PTI hits back at PML-N’s claims of ruining Pakistan’s economy

As per the Planning Commission’s estimations made in the 105th meeting of the National Accounts Committee (NAC), the provisional GDP growth rate for the years 2021-22 is estimated at 5.97%.

The growth of agricultural, industrial, and services sectors is 4.40%, 7.19%, and 6.19% respectively. The growth of important crops during this year is 7.24%. The growth in production of important crops namely Cotton, Rice, Sugarcane, and Maize are estimated at 17.9%, 10.7%, 9.4%, and 19.0% respectively.

The services sector shows a growth of 6.19%. The wholesale and Retail Trade industry grew by 10.04%. It is dependent on the output of agriculture, manufacturing, and imports.

PML-N govt. plans for economy

On the other hand, the National Economic Council (NEC) has approved the Annual Plan and macroeconomic framework for 2022-23 with five percent GDP growth for the next fiscal year and the Public Sector Development Programme (PSDP) worth Rs2.1384 trillion – including Rs800 billion federal and Rs1,384 billion provincial.

The council approves annual targets for the fiscal year 2022-23 of five percent GDP growth for the next fiscal year with efforts to increase it to six percent.

Read more: Economy and political narrative building in Pakistan

The growth target for the agriculture sector was set at 3.9 per cent, industry at 5.9 per cent, and services sector at 5.1 per cent.