Pakistan 'misses' economic growth target in FY2024-25

Islamabad: The incumbent federal government of Pakistan has ‘failed’ to achieve its economic growth target for the current FY2024-25, ARY News reported on Tuesday, citing sources.

This was reportedly revealed during a National Accounts Committee meeting, chaired by the secretary planning in Islamabad.

The meeting was informed as per sources that Pakistan managed to achieve 2.68% growth rate against the projected 3.6 per cent.

The National Accounts Committee meeting, chaired by the Secretary of Planning, revealed that the size of the economy reached $411 billion, while per capita income rose to $1,824.

During the first three quarters, the agriculture sector recorded a growth of 1.8%, whereas the industrial sector saw a decline of 1.14%.

Meanwhile, the services sector showed significant expansion with a growth rate of 39% from July to March.

Earlier it emerged that the Pakistan government is preparing to secure $4.9 billion in external commercial financing for the upcoming FY2025-26.

As per details, Pakistan government’s plan includes obtaining $2.64 billion in short-term loans from commercial banks at expected annual rate of 7 to 8 per cent and without stringent conditions or performance targets.

In addition, $2.27 billion is proposed to be raised through long-term borrowing from commercial banks.