Pakistan's economy shows signs of positive transformation
Business
With continued reforms and political stability, Pakistan’s economy is poised for sustained growth
LAHORE (Dunya News) – Pakistan’s economic outlook is witnessing positive changes, driven by continous efforts to achieve developmental goals and restore stability.
As 2024 concludes, the country‘s economy, bolstered by a $7 billion IMF bailout package, shows signs of recovery.
The IMF projects a GDP growth rate of 3.2 percent for FY2025, with the World Bank and Asian Development Bank forecasting growth at 2.8 percent and 3 percent, respectively.
Major contributors to this turnaround included eased import restrictions, reduced inflation and improved business conditions.
The Pakistan Stock Exchange saw historic gains, with the KSE-100 index surging from 58,000 to 110,000 points.
Foreign Exchange reserves also grew from $7 billion to $12 billion, covering 2.5 months of imports.
Read more: Promised benefits of 'drastic cut in inflation' a pipedream
Inflation dropped dramatically from 29.2 per cent in 2023 to 4.9 per cent in 2024, and interest rates decreased from 22 per cent to 13 per cent.
Remittances rose by 34 per cent, while exporters increased by 12.57 per cent.
With continued reforms and political stability, Pakistan’s economy is poised for sustained growth.
