In yet another positive development, Federal Minister for Energy Hammad Azhar, who also served as finance minister for a brief period, said the Gross Domestic Product (GDP) growth rate of the country is expected to reach 6% by 2023.
Briefing the media in Islamabad on Wednesday, he said the opposition was panicking due to the country's rapid growth rate. "I want to tell the PDM (Pakistan Democratic Movement) that next year, the country's economic growth rate will be 5%."
The federal minister advised the PDM to stop deceiving people as the economy of the country had been destroyed due to the policies of the opposition parties during their tenures.
He said effective measures were being taken by the PTI government to control the rising inflation in the country.
Read more:Economic growth target set at 4.8%
On Friday, the Annual Plan Coordination Committee (APCC) had approved the federal Public Sector Development Programme (PSDP) outlay of Rs900 billion besides endorsing the GDP growth rate target of 4.8% for the upcoming fiscal year 2021-22, Minister for Planning, Development and Special Initiatives Asad Umar said while addressing a press conference in Islamabad.
“The size of federal PSDP has been increased by 40% from Rs650 billion to Rs900 billion next year which would be the highest expenditures in one year in the history of Pakistan,” he added.
Recalling the higher growth of 5.4% during the previous government, the minister said that the country’s current account deficit (CAD) stood at around $20 billion or 6% of the total GDP at the time.
On the contrary, he said, during the current fiscal year, the current account would post a minor surplus while next year the CAD would stand at $2.3 billion or 0.7% of the GDP.
“Our economy can bear the current account deficit of up to 2 % of GDP,” he maintained.