KARACHI: On Wednesday, the State Bank of Pakistan (SBP) released the annual report on the State of Pakistan’s Economy for the fiscal year 2021-22. In the report, SBP has predicted slower economical growth in comparison to what it predicted a few months ago.
According to the report, the destruction due to the recent floods and stabilisation centric policy would keep the Gross Domestic Product (GDP) growth lower than the prior released range of 3 to 4 per cent in the fiscal year 2023.
Previously, different international financial institutions also projected boorish growth in Pakistan’s economy. The International Monetary Fund (IMF) said that the GDP of Pakistan would touch 3.5 per cent because of floods. Similarly, the World Bank predicted that GDP would hardly touch 2.2 per cent.
The foreign reserves of Pakistan have also fallen to $6.7 billion, which would hardly allow imports of one month. The ninth review of the IMF is also pending, which has shaken the confidence of investors.
