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Economy

Snatching Recovery From the teeth of Corona: pakistan Sees an Optimistic Growth in Economy Next Year

Federal PSDP is likely to see a record 40% increase from Rs 650 billion to Rs 900 billion, that is almost Rs 250 billion increase. This can crowed in investment and can bring 2% of GDP growth if things go as expected.

The real GDP growth is expected 4.8% next fiscal year. Livestock ad poultry sector is a focus of the government and is likely to show better growth. IT and digitalization is also showing a reasonable or extraordinary growth.

Remittances has shown an increase of $ 7 billion. The priority of the development schemes are being drafted. The cotton crop has bene in trouble and went low this year.

Next year the remittances are likely to grow at $ 31.3 billion. The export target of the next year is $ 26.8 billion.

The production of cotton bales are targeted at 10.5 million bales. Punjab expected to harvest 6.5 million bales and Sindh 4 million bales. Rice, Wheat, sugarcane and other crops have shown the record and extraordinary production this year, which has given a rise in growth rate of this year. This year agriculture sector has shown robust growth.

The recovery which has begun and is now increasing its pace as the time is passing. The electricity used in manufacturing sector has shown an increase of 15%, that is again encouraging. This trend is also likely to grow further in future, if things grow with same pace.

Development spending would be given priority in the coming budget. Poultry sector likely to perform but have been affected due to corona. Construction would likely to be the key driver of the economy in FY22. Remittances to touch all time high of 29 billion dollars in FY21 (current year). Exports maintain to growth and would help stable economy while, exports to grow to 26 billion dollars in FY22. Exports would be all time high in next fiscal year.
Milestone achieved in IT exports and accelerated sharply and in the nine months of this fiscal year IT exports show growth of 46%. Public sector spending would be higher in FY22 as public sector spending target for FY22 will be Rs 900 billion and during the current fiscal year PSDP target was Rs 650 billion. Current account deficit for FY22 would be around 2.3 billion dollars, while the current account deficit would be less than one percent of GDP in FY22. During the current fiscal year the current account would be in surplus

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