Economic growth remained lower than expected in 5 years: World Bank
Last updated on: 09 June,2019 06:00 pm
The per capita income has increased from $1629 in 2017-18 to $1640.
ISLAMABAD (Dunya News) – The growth rate must touch 7% in order to create 2 million job opportunities, World Bank said in a report. It added that many targets were not achieved in last 5 years.
The bank estimates the country’s GDP growth rate to reach 2.7 per cent in 2019-20 which touched 5.8% in 2017-2018, 5.4% in 2016-2017, 4.6% in 2015-2016 and 4.1 % in fiscal year 2014-2015.
According to state bank of Pakistan, the growth rate remained close to 3% in year 2018-2019. The per capita income has increased from $1629 in 2017-18 to $1640.
The country’s economy was supported by services with 59%, industry with 21% and agriculture with 20%.
Government is all set to formally launch the pre-budget document, Economic Survey 2018-19 on June 10 (Monday), to share the key economic indicators and the performance of different sectors of the economy.
No economic target achieved in current fiscal year
The pre-budget document is scheduled to be shared with media at a press conference will be held in Islamabad during which an overview of the economic progress made in recent years in Pakistan would be provided, official sources said.
The survey will provide an overview of the national economy, highlighting performance and achievements in different sectors during the fiscal year. The survey will cover the development of all the important sectors of economy, including growth and investment, agriculture, manufacturing, mining, fiscal development, money and credit, capital markets, inflation, debt and liabilities.
It will also highlight the performance of agriculture, education, health and nutrition, besides showing the overall population, labour force and employment, poverty, transport and communication and per capita income.
The survey will also highlight issues of environment, contingent liabilities, tax expenditure as well as economic and social indicators. Meanwhile, on Tuesday, June 11, the government will present its first Federal Budget for the fiscal year 2019-20, with special focus on fiscal management, revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditures; boosting exports besides providing relief to the masses, promoting investment for job creation and people friendly policies for the socio economic prosperity of the country.
Main focus in the budget would be on fiscal consolidation, revenue mobilization while the government is likely to enhance allocations for social safety net for providing maximum relief to vulnerable segment of the society, sources said.
The government would also launch the annual plan, highlighting government s preparation and planning for the upcoming fiscal year in different sectors of national economy.
Earlier, in a series of tweets, Spokesperson for Finance Division Dr Khaqan Najeeb said, “Dr. Hafeez Shaikh & the economic team extensively reviewed the Federal Budget 2019-20 today to finalize proposals & allocations.
The Budget focuses on ensuring economic stabilization, undertaking projects which create jobs & providing economic stimulus for sustainable growth.”
"Upcoming fiscal budget will emphasize on austerity, fiscal discipline, external sector management and protecting the poor," he added. “Sound policies will lay the foundation of sustainable growth and secure a better future for citizens,” he maintained.