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Saturday May 25, 2024

PBF optimistic on economy as inflation falls

By Bureau report
April 18, 2024
In this picture women check rice prices at a main wholesale market. — AFP/File
In this picture women check rice prices at a main wholesale market. — AFP/File

MULTAN: The Pakistan Business Forum (PBF), a leading think tank representing the business community, has voiced satisfaction over the current economic situation in the country. “While the economy is recovering, it will take time to improve GDP and reduce the inflation rate, both positive indicators of progress. Pakistan has shown some advancement towards macroeconomic stabilization,” PBF said.

In the first quarter of 2024, the economy grew by 2.13%, primarily driven by industry and agriculture. The twin deficit is also decreasing, signaling better economic management to address macroeconomic imbalances.

After a meeting of the PBF Executive Council, President Khawaja Mehboobur Rahman, Chairman (South Punjab) Malik Talat Sohail, and Vice President Ahmad Jawad expressed satisfaction with the current economic situation during a media briefing. The executive committee reviewed the economic progress, noting signs of improvement in GDP and a reduction in the inflation rate.

The PBF analyzed the World Bank forecast, predicting GDP growth to reach 1.8% in FY-2024 and improve to 2.3% in FY-2025. Agriculture is expected to grow from 1.8% to 2.3% next year, industry from 1.8% to 2.2%, and services from 1.2% to 2.4%.