KARACHI:
The State Bank of Pakistan (SBP) has said the country’s economy ‘appears to have turned a corner’ during the third quarter (January-March) of 2013-14.
In its third quarterly report for 2013-14 on the state of the economy released on Thursday, the central bank termed the ‘revival of economic activity’ a key development in the last fiscal year when real gross domestic product (GDP) growth clocked up at 4.1 per cent — highest in the last five years.
The report says that after many years of low growth, sentiments about the economy seem to have improved. Manifestations can be seen in the rebound in real GDP growth, rise in private sector credit, contained fiscal deficit, subdued inflation outlook, sharp increase in foreign exchange reserves, and the appreciation and subsequent stability in the exchange rate. It mentioned that improvements in the economy were the result of the government’s resolve to address the energy shortage, growing perception of business-friendly policies, and external inflows that have recently been realised. More specifically, the auction of 3G/4G licences, larger than projected inflow via Eurobonds, programme loans from the international financial institutions ( IFIs), and SBP’s efforts to support the foreign exchange reserves have sharply improved the outlook of the country’s external sector as well as fiscal position, it said.
However, the report emphasised that “these signs of improvements should not discount the challenges faced by the economy; and efforts for much needed structural reforms should continue.”
Published in The Express Tribune, July 11th, 2014.
COMMENTS (12)
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ
Whatever the real figure of growth is lets hope the economy hasn't turned a blind corner ending in a dead end
This word Economic Fortunes is being used by every government during its tenure. I remember during 2012 at Marriot Islamabad I met official from the SBP and asked about inflation rate he told me at that time to be 7.7%. Reality is different which we don't accept. This is just the example. As far as Economic fortunes are concerned forget about it , if we don't move with a higher growth rate at least for a decade. And regarding the figures , I don't understand one thing with whom government is trying to play , is it IMF to get money or people of Pakistan ?
http://tribune.com.pk/story/733818/fy14-growth-rate-was-3-3-govt-admits-to-imf/
Don't sell fake dreams to your youth when you can't give them the opportunity to use their skill to develop a better future for themselves and the nation as whole. telling lies is not the solution to anything and here in our land of pure, we are washed with the pure water of lies. When our priorities are our own business empire, then let those who can deliver. We need food, health, education, water and other basic necessities. We want tax payers money to be invested in our human power and creating opportunities for them. I truly believe that there is one solution to our problems, to end these family empires by not voting for them and voting for those who are true to their promises. We need massive change in our system and corruption should be eliminated from our society. we need to develop a civil society where people are free to choose and earn. Where elders are respected, there is self esteem, where everyone is satisfied. The people governing a nation is the reflection of the people living in the nation.We need to change ourselves first.
In other news (of same day): FY14: Growth rate was 3.3%, govt admits to IMF
I thought State Bank is an independent in our Country. This must not be a true
I agree with the article that the Economic Fortunes really have turned the corner but for ONE FAMILY not for the country. And anyone can guess which family that is
When the central bank is a appendage of the finance ministry ....... what does one expect ?
The higher GDP growth figure is because they reduced growth numbers of past years so that the latest numbers would look better.
What about the government admitting to IMF that the real growth rate is actually 3.3%? The energy crisis during Ramadan has escalated to huge degree too and there is 14-20hr loadshedding in Lahore. Why are we accepting lies when we know the incumbent government is feeding us more? At this point who do we trust?
Your own article below shows that the true number as confessed by Mr Dar and the SBP to the IMF is 3.3% not the 4.1% in this report.
Please try to read your own paper.
It shows that the current government is on the right track. International financial analysts have been positive on Pakistan since the new business friendly government came to power. It is this growth and the major projects planned that spoilers like Tahirul Qadri want to stop.