ISLAMABAD: Finance Minister Shaukat Tareen has admired Imran Khan and his team for the “strong V growth” despite the tough IMF programme and COVID-19 pandemic.
“A strong V growth despite being in a tough IMF programme, which was necessitated by unsustainable current account deficit and falling foreign currency reserves, and a vicious COVID-19,” tweeted Tareen.
https://twitter.com/shaukat_tarin/status/1396070019788902403
The National Accounts Committee (NAC) has estimated that the provisional growth rate of Gross Domestic Product (GDP) during the current fiscal year (2020-2021) was 3.94 percent.
“Due to a combination of GDP growth and strengthening of Pak rupee against the US dollar, per capita income of Pakistan jumped by 13.4 percent during the current fiscal year (2020-21) from $1361 to $1543,” said Minister for Planning, Development and Special Initiatives Asad Umar.
He said total the GDP increase from $263 billion to $296 billion, an increase of $33 billion during the current fiscal year, was the highest ever in any year.
The minister said after compiling all the data, the NAC finalised its estimates that the GDP growth rate during the ongoing fiscal year was 3.94 percent despite the huge challenge posed to the economy by the COVID-19 pandemic. It was extremely gratifying and proof of the success of Prime Minister Imran Khan’s economic policies, he added.
The NAC, in its 103rd meeting chaired by the minister, estimated the provisional growth of GDP for 2020-21 at 3.94 percent, with current market prices reached at Rs 47,709 billion, showing growth of 14.8% s compared to the corresponding period last year.
The provisional estimates of the GDP and Gross Fixed Capital Formation (GFCF) for the year 2020-21 were presented on the basis of the latest data of 6-9 months, which were annualized, according to a Ministry of Planning press release.
The 3.94 percent provisional growth of GDP was based upon growth estimates of the agricultural, industrial, and services sectors at 2.77%, 3.57%, and 4.43%, respectively. The growth for 2019-20 was revised downward from -0.38% to -0.47%.
Due to a combination of gdp growth and strengthening of Pak rupee against the US $, per capita of Pakistan jumped by 13.4% this year from $1361 to $1543. Total GDP increase from $263 billion to $296 billion an increase of $33 billion which is the highest ever increase in any year
— Asad Umar (@Asad_Umar) May 21, 2021
