Recently, the government of Pakistan has announced its budget for the upcoming fiscal year 2021-22. There have been structural changes with respect to economic policy as the government will now target growth instead of stabilization.
The Pakistan economic survey for the year 2020-2021 has also been released which shows how the Pakistani economy has recovered from the pandemic, despite having to deal with a healthcare crisis as well as a balance of trade issue.
A sectoral analysis under the economic survey shows that Pakistan outperformed in economic indicators like percentage growth in GDP, agriculture, industries, and services. This higher than anticipated performance can be attributed to prudent economic policies and decisions taken by the Prime Minister, that helped the country achieve stable economic growth.
Previously, different international and national financial institutions had predicted the GDP growth rate of Pakistan to be around 1.5-2.5%. But as the economy became stable after growth the country exhibited a GDP growth rate of a solid 4%.
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