In the long-term, the Pakistan GDP Annual Growth Rate is projected to trend around 2.50 percent in 2021 and 3.50 percent in 2022, according to our econometric models. In April, ADB had forecast Pakistan to grow 2.6% this year and 3.2% next year. Just go to market and see prices. However, industry contracted by 2.6% in FY2020 as shutdowns and supply chain disruptions related to COVID-19 exacerbated other adverse factors affecting the sector since FY2019. Pakistan’s GDP growth remained at -0.4 percent in last fiscal year FY20. Pakistan gdp growth rate for 2017 was 5.55%, a 0.03% increase from 2016. This forecast depends on COVID-19 risks subsiding and rapid economic recovery to pre-COVID norms. The current account deficit eased from the equivalent of 4.8% of GDP in FY2019 to 1.1% in FY2020 as almost all imports recorded steep reductions in the wake of the pandemic. The current account deficit is anticipated to remain contained at the equivalent of 2.4% of GDP in FY2021, unchanged from the ADO 2020 forecast. Rising food prices pushed inflation from 6.8% in FY2019 to 10.7% in FY2020, however inflation is projected to slow to 7.5% in FY2021. See also the number of migrants for this country. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In addition to reallocating Rs7 billion from the Federal Public Sector Development Programme budget to COVID-19 response, the proposed budget raises allocations for initiatives that provide social protection to the disadvantaged. - Keywords: demography, population pyramid, age pyramid, aging, retirement, Pakistan, 2021. This forecast assumes that the COVID-19 impact will subside by the end of 2020—the end of the second quarter of FY2021—allowing global conditions to normalize and economic sentiment to improve. Fake news. A greater risk would be electricity tariff? Pakistan: IMF projects 1 percent growth for 2021, ‘I promise you as president, Islam is going to be treated like it should be’: Joe Biden, No favorites; just one point agenda in Afghanistan: no future govt can allow India to operate against us: PM, Pakistani police fire teargas at protesters trying to approach French Embassy, Magnitude 7.0 earthquake rattles Turkey, Greece; buildings collapse, Tiger Force gets headquarters at ASTP in Lahore, If Muslim world does not counter Islamophobia, it will continue to rise: PM, Pakistan’s COVID-19 tally crosses 1,000 mark, highest since July, Pakistan summons Indian envoy to protest ceasefire violation at LoC, NCOC launches Whatsapp number to register COVID-19 SOP violations, Eid Miladun Nabi being celebrated with religious zeal across country, Poor nations: WHO plans Covid-19 vaccine insurance scheme, Enforcement Action: SBP imposes over Rs 271 million penalties on four banks, Saudi Arabia plans to end the decade old ‘kafala’ system, Jazz condemns sealing of its office, says FBR move hurt its ‘Reputation & Pride’, PSX takes a beat down, KSE-100 drops over 1,200 points. The suspension of travel and the closure of nonessential businesses induced concurrent demand and supply shocks. Sources - What is a population pyramid? Crop damage from a severe locust infestation in FY2020 prompted several budgetary measures, including an agriculture emergency program worth PRs13.7 billion to support investment and expansion in agriculture and livestock rearing. 2020 © Business Recorder. The Asian Development Outlook (ADO) Update released today revised the 2020 growth forecast for Pakistan to -0.4% and the growth forecast for 2021 to 2.0%. Imports will rebound from a low base in FY2020 and, more importantly, in response to economic recovery in FY2021—and despite higher tariffs on imports of nonessential goods. Remittances should continue to cushion the current account deficit but will likely be lower than in FY2020 with the layoff of Pakistani workers overseas, in particular in the Persian Gulf, as economic activity remains soft globally. Pakistan’s GDP growth remained at -0.4 percent in last fiscal year FY20. The current account deficit is expected to widen to an average of 1.5% of GDP over the fiscal year 2020-21 and 2021-22, with imports and exports gradually picking … ADB remains committed to supporting Pakistan through this difficult period and helping the country get back on the path to growth.”, NIPCO House, 4 - Shaharah e Fatima Jinnah,Lahore, Pakistan Tel: +92 42 36367580    |     Fax : +92 42 36367005, Content for September 16, 2020 is not available, Kanye West presents his 'Vision of Future America' under his presidency, Russia proposes US to consider Putin's 'Arms Control' initiative, All nine first XI players tested negative for COVID-19, UAE, Israeli operators bid in Haifa Port privatization, Launch of next 3 Russian Gonets-M satellites scheduled on 24 Nov, Fazal-ur-Rehman meets PML-N leader Ayaz Sadiq in Lahore, FM Qureshi condoles with Turkey over deaths in quake, Man accused of plotting to kidnap Michigan Governor planned to 'hang' Trump, Obama, Veteran journalist Saleem Asmi passes away in Karachi, Ahead of US elections, most Israelis would like to see Trump re-elected, Shaheen, Wahab help Pakistan defeat Zimbabwe by 26-runs, Pakistan to lead the way for evolving joint strategy against Islamophobia: PM, Turkey thanks Pakistan for solidarity over Izmir quake losses, Pakistan take on Zimbabwe in first ODI today, Pakistan reports 807 coronavirus cases in one day, DG ISPR calls political statement about Abhinandan release an attempt to ‘distort history’, Pakistan reports 908 coronavirus cases in one day, PM Imran pens letters to Ummah leaders 'to act collectively against Islamphobia', PCB again explains domestic broadcast partnership, Indo-US 'Security Pact' to alter Asian Geopolitics: Analysts, India could play negative role in tarnishing Pak-Afghan relationship: PM.

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