Pakistan’s economic growth rate accelerated to 6% in the final year of Imran Khan’s administration, the highest rate in four years, helping to increase the size of the nation’s economy to $383 billion while also increasing per-capita income.
The provisional GDP growth rate for 2021-22 is estimated at 5.97 percent, according to the Planning Ministry following a meeting of the National Accounts Committee.
It went on to say that broad-based growth was seen in all sectors of the economy. The GDP represents the monetary value of all goods and services produced in a given year.
The nearly 6% growth rate is higher than the official target of 4.8 percent and far exceeds estimates from the Ministry of Finance, the State Bank of Pakistan, the International Monetary Fund, the World Bank, and the Asian Development Bank.
The figure is provisional and subject to change when the final results are released at the end of the fiscal year.
The PTI’s economic growth rate was slightly higher than the PML-last N’s two years in power, but both governments failed to address Pakistan’s structural economic problems.
An attempt was made to downplay the PTI government’s growth figures in the final year, but the plan was abandoned after a report appeared in The Express Tribune.
Agriculture is expected to grow by 4.4 percent this year, nearly 1 percent more than the previous year.
The industrial sector grew at a lower rate of 7.2 percent than the previous fiscal year, owing to the Large Scale Manufacturing sector.
The growth rate in the services sector was 6.2 percent, slightly higher than the previous fiscal year. The mining industry experienced contraction.
To read our blog on “Pakistan’s Economic Growth Will Reach 5.0% Per Year: WELT 2020,” click here.
