Govt projects GDP growth at 5.4pc for current fiscal

ISLAMABAD: Minister for Energy Hammad Azhar on Thursday expressed the hope that the national economy would grow at 5.4 per cent rate during the current fiscal year.

Addressing a press conference here, the minister said today there was good news for national economy as it registered a growth of 5.37 per cent during the last year against the projected 3.9 per cent growth.

The national economy did not only register sustainable growth but also country’s exports, remittances and foreign reserves witnessed upward increase during the said period, he said. He expressed the hope that the country’s exports would not only cross $30 billion bench mark but also the foreign remittances would remain above $ 30 billion during the current fiscal year.

He said that $ 10-11 billion debt has also returned besides curtailing flow of circular debt to Rs130 billion during last year. The minister said the PMLN past achieved 5.4 per cent growth during its last year of tenure but the flow of circular debt was around Rs450 billion besides sharp decline in exports and country’s highest over current account deficit of $ 20 billion.

All the crediting agencies also reduced the ranking of Pakistan during PML-N last year, he added. He said the PTI government not only achieved 5.37 per cent growth during its third year of rule but also the current account deficit remained below $2 billion.

The foreign remittance witnessed sharp increase and the revenue collection also registered 35 per cent increased during the last year, he added. He said the government had to take “tough decisions” to stabilise the economy.

Owing to the government’s prudent policies the country’s reserves, exports witnessed an increase and international rating agencies upgraded Pakistan’s economic outlook, he added. Hammad said agriculture sector registered 3.5 per cent, large scale industry 7.8 per cent and services sector 5.8 per cent increase during the said period.

He said PTI government inherited fragile and weak economy. Replying to a question, he said jobs opportunities were also increasing due surge in large scale manufacturing. The government increased the support price of wheat from Rs1,300 to Rs2,000 per maund.

The government has also extended two programmes including Ehsaas and Insaf Health Card to provide maximum relief to the masses. To another question, he said there was complete ban on new gas connection across the country.

The ban was not imposed for the first time rather the PPP government had also banned new connection in 2011 and continued till 2017. However, the PML-N government lifted the ban during its last year on political grounds, he added. Regarding shortfall of urea, he said over 450,000 bags were being produced daily.

Addressing a press conference at the Circuit House in Faisalabad, Federal Minister for Planning, Development and Special Initiatives Asad Umar, meanwhile, said that record economic growth had put the country on the road to progress and prosperity despite of corona pandemic and global inflation.

He said during the first three quarters of the last year the GDP growth was 3.94 per cent which jumped to 5.37 per cent during the last quarter of 2020-21. It was the fastest ratio of growth second time during the last 14 years in the country, he added.

About the COVID-19, he said it had contracted the global economies but in Pakistan national economy made tremendous progress only due to prudent policies of the government.

He mentioned the three surveys conducted by renowned UK periodical and said that Pakistan was ranked third in the first survey; then it jumped to first position in second survey and now it was at the second position in third survey. "It indicates an excellent performance of national economy as Pakistan remained among the top three economies of the world, which made phenomenal progress during pandemic.