Pakistan's GDP to rebound to 1.9pc in FY24: ADB report

Asian Development Bank (ADB) on Wednesday issued an economic outlook report in Asia, predicting that Pakistan’s gross domestic product (GDP) growth is projected to recover modestly to 1.9% in fiscal year 2023-24 from 0.3% in FY2023.

According to the report, inflation in Pakistan will decrease from 29 percent to 25 percent in the ongoing fiscal year as the country’s economic confidence is expected to increase from the general elections in 2023-24.

However, high inflationary pressure will continue due to an increase in energy prices and the falling value of the rupee, the report highlighted.

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“Pakistan’s economic prospects are closely tied to the steadfast and consistent implementation of policy reforms to stabilize the economy and rebuild fiscal and external buffers,” said ADB Country Director for Pakistan Yong Ye.

ADB Country Director said: “Increase in global prices and slow economic growth is also a threat to Pakistani economy along with economic stability depends on sustained policy reforms.”

“Favorable weather conditions and the government’s relief package of free seeds, subsidised credit, and fertilisers are expected to support a recovery in agriculture. This, in turn, will help the industry, which will also benefit from the increased availability of critical imports,” the report said.

Complete report: