According to the annual report by the Asian Development Bank (ABD), the Asian Development Outlook, the economic growth of Pakistan will decrease to four per cent during the current fiscal year. The report further added that hike in prices and weakening growth prospects would keep inflation to double digits.
The Asian Development Outlook states that the fiscal consolidation, monetary tightening, and devaluation of the rupee have affected the economic growth rate of the country. The Pakistan Tehreek-i-Insaf government had set the target of 4.8pc growth for the current fiscal year. The economy grew by 5.6pc in the last fiscal year against the 6pc target that remained unachieved by the Imran Khan-led government.
Regarding the contribution from other sectors, the report claimed that services’ growth would remain dry due to the slow manufacturing and stabilisation programme of the government. However, the construction and agriculture sectors are expected to perform better.