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2019-04-10 10:35:00

PAKISTAN'S ECONOMY WILL UP 3.4%

PAKISTAN'S ECONOMY WILL UP 3.4%

WBG - South Asia holds on to its top spot as the world's fastest growing region, with growth set to step up to 7.0 percent in 2019, then 7.1 percent in 2020 and 2021, but the region needs to increase its exports to sustain its high growth and reach its full economic potential, says the World Bank in its twice-a-year regional economic update.

The latest edition of the South Asia Economic Focus, Exports Wanted, projects that Pakistan's economic growth will decelerate to 3.4 percent in FY19 and 2.7 percent in FY20, as fiscal and monetary policies are tightened to address macroeconomic imbalances. Domestic demand is expected to contract while at the same time export growth will be gradual. On the supply side, services growth, which has been leading growth in the past, is projected to decline to 4.4 percent in FY19 compared to 6.4 percent in FY18. The agriculture and industrial sectors will also grow significantly lower in FY19 and FY20.

Growth is expected to recover to 4% in FY21 as structural reforms take effect and macroeconomic conditions improve. Remittances flows are likely to support the current account balance next year. A more stable external environment will also support a pickup in economic activity starting from FY21. The trade deficit is projected to remain elevated during FY19, but to narrow in FY20 and FY21 as the impacts of currency depreciation, domestic demand compression, and other regulatory measures to curb imports set in.

"Pakistan's growth must be driven by investment and productivity, which will put an end to the boom and bust cycles that affect the country every few years," said Illango Patchamuthu, World Bank Country Director for Pakistan. "It is entirely possible for Pakistan to transform its regulatory environment and reduce the cost of doing business. On the revenue front, reforms to improve tax administration and widen the tax base are critical. Over the adjustment period and beyond, actions outlined in the recently announced Ehsaas Program can protect the poor and vulnerable through social safety nets and safeguarding public spending on health and education."

Across South Asia, imports grew much stronger than exports in the last two years, reversing the region's exports dynamics of the early 2000s. Strong domestic demand, fueled by a consumption and investment boom, resulted in high import growth of 14.9 percent in 2017 and 15.6 percent in 2018, which is nearly twice as high as the region's export growth. In comparison, exports grew by only 4.6 percent in 2017 and 9.7 percent in 2018.

"There's no single solution that can unleash South Asia's export potential and policymakers need to implement an ambitious range of reforms that can turn the region into the world's next export powerhouse," said Hans Timmer, World Bank Chief Economist for the South Asia Region. "Efforts should include trade liberalization, spurring entrepreneurship, and equipping citizens with the skills they need to compete on the global market. It would be good to be creative and relentless in all these efforts".

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Earlier:

 

 SAUDIS INVESTMENT FOR PAKISTAN: $20 BLN
2019, February, 18, 11:40:00

SAUDIS INVESTMENT FOR PAKISTAN: $20 BLN

REUTERS - Saudi Arabia has signed an agreement to supply Pakistan with crude oil and petroleum products to secure its fuel needs, Saudi Energy Minister Khalid al-Falih said

 
 ГАЗПРОМ ДЛЯ ПАКИСТАНА
2019, February, 8, 11:55:00

GAZPROM FOR PAKISTAN

GAZPROM - The document, which serves as a follow-up to the Memorandum inked by the Ministry of Energy of the Russian Federation and the Ministry of Energy of the Islamic Republic of Pakistan in September 2018, provides for a joint feasibility study regarding gas supplies from the Middle East to South Asian countries.

 
 UAE HELP PAKISTAN $3 BLN
2018, December, 24, 11:30:00

UAE HELP PAKISTAN $3 BLN

AN - The United Arab Emirates plans to deposit $3 billion in Pakistan's central bank "in the next few days", the UAE state news agency WAM reported on Friday, while a Pakistani official said Islamabad also hopes it will allow deferred payments for oil supplies.

 
 QATAR'S LNG FOR PAKISTAN
2018, December, 17, 10:15:00

QATAR'S LNG FOR PAKISTAN

TP - With fast growing demand and expanding gas receiving capacity in Pakistan, the South Asian nation is expected to source more liquefied natural gas (LNG) from Qatar, said the country’s visiting Finance Minister Asad Umar.

 
 SAUDIS - PAKISTAN SUPPORT: $6 BLN
2018, October, 24, 11:15:00

SAUDIS - PAKISTAN SUPPORT: $6 BLN

REUTERS - Saudi Arabia has agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis, Pakistan’s government said on Tuesday.

 
 PAKISTAN - RUSSIA GAS PIPELINE: $10 BLN
2018, September, 28, 09:50:00

PAKISTAN - RUSSIA GAS PIPELINE: $10 BLN

ET - In a major breakthrough, Pakistan and Russia are set to sign a $10-billion offshore gas pipeline deal on September 27 in Moscow, a project planned by the latter to capture the energy market of Pakistan.

 
 IAEA - PAKISTAN COOPERATION
2018, March, 18, 11:35:00

IAEA - PAKISTAN COOPERATION

IAEA - IAEA Director General Yukiya Amano commended efforts by Pakistan to increase nuclear safety and security as the country works to triple its nuclear power capacity. Prime Minister Shahid Khaqan Abbasi commended the IAEA for the support provided to Pakistan in the use of peaceful nuclear applications. Pakistan “was ready to further strengthen its partnership with the IAEA and contribute towards the achievement of the Sustainable Development Goals worldwide,” the Prime Minister said.

 

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Tags: PAKISTAN, ECONOMY, GDP

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