Pakistan’s GDP is expected to be 4.8% next fiscal year: Asad Umar

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Federal Minister for Planning and Development Asad Umar is addressing a press conference in Islamabad on May 28, 2021.

Federal Minister for Planning and Development Asad Omar said on Friday that the country’s gross domestic product (GDP) growth rate is expected to reach 4.8 percent in the fiscal year 2021-22.

Speaking at a press conference in Islamabad, Omar said the government’s progress in the current financial year has led to a 46 per cent increase in IT exports in the first nine months of the current financial year.

Omar said the country has seen “strong growth” during the fiscal year, and remittances are expected to increase from 21 21.7 billion to 29 29.1 billion by the end of the year – an increase of 34% in one year.

“If we combine 3.94 per cent GDP growth and remittance growth, it will take the GDP growth rate to 6.5 per cent, which is more than the GDP growth of the last 16 years,” he said. PK has the highest growth rate.

“Remittances have played an important role in the development of the country’s economy, and it is important that we give the right to vote to Pakistanis abroad,” Omar said.

Next year’s forecasts.

Elaborating on why the government expects 4.8 per cent growth in GDP in FY22, he said the government has invested in the agricultural sector, which will greatly benefit the economy.

He said cotton fields were badly affected last year and this year, however, the government has now purchased good quality seeds, emphasized the use of pesticides, and since then cotton has been on the international market. The demand for has increased.

“And similarly, after consulting with all the provinces, we have concluded that Pakistan can produce 10.5 million bales – 4 million from Sindh, 6 million from Punjab, and the rest from other provinces.”

Omar said the livestock industry has also been badly affected by the corona virus, but it will return to normal in the next financial year, and the sector will see growth.

The Federal Minister said that power consumption is expected to increase by 6%, and after the government announced a package for industries, their power consumption has increased by 15% during the current financial year and next year it will increase to Rs. The increase has been predicted further.

Growth is also expected in gas, coal, construction and many other sectors. “Exports are projected to increase. This year it was .2 25.2 billion and next year it will reach .8 26.8 billion.”

The government is looking at historic exports next year.

The federal minister said that this year’s exports of .2 25.2 billion are the highest in the country in the last 10 years. “It is unfortunate that the backbone of the economy, exports, has suffered several setbacks over the past year.”

Omar said next year’s export target would be 26 26.8 billion, the highest in the country’s history.

Remittances will not grow as much as this year, but are expected to increase from 29 29.1 billion to 31 31.3 billion – an expected increase of 2 2 billion.

Omar said the government’s goal is to boost exports and the IT sector, adding: “IT exports grew by 46%.

An increase of Rs. 250 billion in PSDP.

The Public Sector Development Program (PSDP) was Rs 650 billion this year, and the government has increased it to Rs 900 billion for the next financial year.

The Federal Minister said that the growth during the current financial year indicates that the growth in the next financial year will be higher than expected.

Reviewing the development expenditure for the next financial year, Omar said that these are road infrastructure projects including Hyderabad-Sukkur Motorway.

PSDP cost

Reviewing the development expenditure for the next financial year, Omar said that these are road infrastructure projects including Hyderabad-Sukkur Motorway.

The Federal Minister said that the announced packages for selected districts of Karachi, Sindh and Balochistan and Gilgit-Baltistan would be financed by PSDP.

Similarly, funds will be provided from the development project for the construction of dams. Rs 28 billion has been allocated for health, Rs 37 billion for the Higher Education Commission and Rs 5 billion for the Vocational Education Program.

The Planning Minister said that the current account deficit for the next financial year is 0.07%.



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