Pakistan achieves its growth objective as industries and services steer a ‘V-shaped’ recovery, according to the Economic Survey 2021-22

The coalition government reflected on the economy’s performance in the previous fiscal year, which saw growth of 6% against a target of 4.8 percent. A day before announcing the budget for fiscal year 2022-23, the coalition government reflected on the economy’s performance in the previous fiscal year, which saw growth of 6% against a target of 4.8 percent.

The Economic Survey 2021-22 was launched by Financial Minister Miftah Ismail, who took over as the country’s finance czar from Shaukat Tarin in mid-April (which, coincidentally, is when the survey evaluation period finishes).

“The situation in Pakistan has remained the same: whenever the country records growth, unfortunately, it falls into a crisis of current deficit,” Miftah said in a televised press conference.

Though the economy recovered from the pandemic (a 0.94 percent drop in FY20) and maintained a V-Shaped recovery by posting real GDP growth of 5.97 percent in fiscal year 2022, the Ministry of Finance noted that this high growth is “unsustainable” and has resulted in “financial and macroeconomic imbalances.”

Provisional GDP growth has been assessed at 5.97 percent, with 4.4 percent, 7.19 percent, and 6.19 percent in the agricultural, industry, and services sectors, respectively, according to the poll.

It’s worth noting that the National Economic Council (NEC) has adopted the yearly targets for the fiscal year 2022-23, which include a 5 percent economic growth target and a promise to work toward a 6 percent target.