Economic Survey 2021-22: Pakistan beats growth target as industries, services guide ‘V-shaped’ recovery

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APP26-090622 ISLAMABAD: June 09 - Minister for Finance Miftah Ismail, Minister for Planning Development and Reform Ahsan Iqbal and Federal Minister for Power Khurram Dastgir Khan launching Pakistan Economic Survey 2021-22 at P-Block Auditorium. APP photo by Irfan Mehmood

ISLAMABAD: A day before announcing the budget for the fiscal year 2022-23, the coalition government reflected upon the performance of the economy for the outgoing fiscal year with a growth of 6% against the envisaged target of 4.8%.Finance Minister Miftah Ismail, who succeeded Shaukat Tarin as the country’s finance czar in mid-April (which interestingly is when the survey review period ends), chaired the launch ceremony of the Economic Survey 2021-22. “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. The survey document released by the Ministry of Finance noted that though the economy recovered from the pandemic (a 0.94% drop in FY20) and maintained a V-Shaped recovery by posting real GDP growth of 5.97% in the fiscal year 2022, this high growth is “unsustainable” and has resulted in “financial and macroeconomic imbalances”.The survey also noted that provisional GDP growth has been estimated at 5.97% on the back of 4.4%, 7.19%, and 6.19% in the agriculture, industry, and services sector, respectively. It is worth mentioning that the National Economic Council (NEC) has approved the annual targets for the upcoming fiscal year 2022-23, including the economic growth target set at 5%, along with the commitment to make efforts to raise it to 6%.

 

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