Pakistan’s public debt to GDP remained broadly unchanged: IMF

SBP predicted a 3% growth in GDP, while IMF, WB forecast 1.5% and 1.3% increases, respectively

ISLAMABAD:

Even giants like the United States and India have had difficulty dealing with the coronavirus pandemic.

Donald Trump, Dwayne Johnson, and Ellen DeGeneres have all been infected by this virus.

In this situation, Pakistan has succeeded in reviving its economy, which is expected to grow by nearly 4% in 2021, exceeding initial projections, according to Forbes.

Pakistan’s economic growth

The State Bank of Pakistan (SBP) initially predicted a 3% growth in GDP, while the International Monetary Fund (IMF) and World Bank predicted 1.5% and 1.3% increases, respectively. The country's per capita income will rise 14.6% from $1,405 in 2020 to $1,610 in 2021.

The services sector, which is forecasted to grow by 4.43% in 2020-2021, is responsible for the majority of the growth. This is certainly remarkable for a country like Pakistan which is becoming successful in expanding its services sector. The agricultural sector's predicted growth is 2.77%, while that of the industrial sector is 3.57%.

Measures taken by the government

The bleak situation in India, which has reported an incredible number of 28,441,986 cases and 338,013 deaths, has alarmed both government authorities and medical specialists in Pakistan. Due to the increase in awareness caused by social media in Pakistan, Pakistani citizens have begun to wear masks, which they did not previously.

Last year, the country saw a surge in cases during the Eid festival, but the government was quick to move this time, imposing partial lockdowns, closing non-essential enterprises, and prohibiting domestic tourism, which helped the country avoid a spike in cases. However, the restrictions imposed have jeopardized the labor class's livelihoods.

Vaccination plan

The government hopes to have vaccinated 70% of the population by the end of 2021. 5.3 million citizens have been vaccinated so far. With the help of CanSinoBio, a Chinese company, Pakistan has developed its own "PakVac" vaccine, bolstering the country's vaccination programme.