Pakistan recorded highest LSM growth since 2011: Khusro Bakhtiar

ISLAMABAD: Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar has said that Pakistan recorded the highest rate of large-scale manufacturing (LSM) growth up to 9.29 per cent since 2011 which will lead to overall industrial sector growth, ARY News reported on Saturday.

Khusro Bakhtiar said in his Twitter message that the country has witnessed outstanding economic growth despite the worldwide economic slowdown due to effective policies of the federal government.

He said that GDP growth is predicted to be 3.9 per cent in accordance with the recent report, whereas, the LSM recovery continues to expand with 9.29 per cent growth which is the highest since 2011 and will lead to an overall industrial sector growth rate.

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Bakhtiar added that broad-based economic recovery amidst of pandemic is a manifestation of Prime Minister Imran Khan’s economic policies to revive industry and agricultural sector through fiscal stimulus and construction package.

In another tweet, the federal minister detailed that all major macroeconomic indicators significantly improve such as GDP $ 296 bn ($33B), PCI $ 1,543 (13.4%), CA $1 bn surplus, Remittances $ 24.2 bn, exports $ 20.9 (13%).

Khusro Bakhtiar said that Pakistan produced the highest-ever wheat and sugarcane due to the agriculture package which improves the living cost in rural areas. He added after 8.4 per cent growth this year, a boom in the construction sector will help to achieve a 5 per cent economic growth rate next fiscal year.