Key economic indicators showing strong performance: minister

ISLAMABAD: Minister for Economic Affairs Makhdom Khusro Bakhtiar said on Sunday key economic indicators are showing strong performance despite challenges posed by the second wave of COVID 19 and recessionary conditions in many regions globally.

He in a statement said current account imbalances inherited from previous governments stand firmly addressed. “This economic performance is remarkable in the context of sharp growth contraction worldwide,” he said.

The minister said the government remains confident that GDP will even surpass the projected growth target by June 2021, setting the stage for much higher growth the following year.

He hoped: “Economy is expected to maintain this strong momentum and gather more steam going forward.”

Bakhtiar said that this economic turnaround is underpinned by current account balance registering a surplus of US$1.2 billion in the first four-months of FY2020-21 as against a deficit of US$1.4 billion in the same period of last year, worker’s remittances rising to $9.4 billion during first four months of FY2020-21 as against $7.5 billion of the last year and foreign direct investment witnessing 150% YoY increase in October 2021 among other facts.