ISLAMABAD: Pakistan economy is improving and has been recovered much in record time that has been acknowledged by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
According to recent survey of ESCAP 2015, Pakistan economy is expected to improve more in the coming years due to government’s efforts on addressing electricity shortages and attracting foreign direct investment in the country.
Yesterday on May 14, 2015 addressing at the annual launching ESCAP flagship publication, former chief of ESCAP Macroeconomics, Policy and Analysis Section Dr. Hussain Malik said, “there is an urgent need to make this growth more inclusive and broad-based by spreading its benefits to all parts of the country and segments of the society.” According to ESCAP Report 2015, there is expectation of 5.1% economic growth rate during 2015.
Overall economic growth in Asia region will slightly increase to 5.9% in year 2015 from 5.8% of the year 2015. However, Pakistan economic growth raises to 4.1% from an average of 3.7% in the previous three years and expected to increase by 5.1% during 2015.
Executive Director of Sustainable Development Policy Institute (SDPI), Abid Qaiyum Suleri, Dean of NUST School of Social Sciences Professor Ashafaque Hasan Khan also addressed at the event.
The report also posed positive comments on inflation control, budget deficit and improvement in forex reserves and FDI in Pakistan.
Pakistan economy is recovering as authorities have made progress with consolidating macroeconomic stability, strengthening public finances, and re-building foreign exchange buffers, As a result, immediate risks have greatly receded, economic growth is gaining strength, inflation is declining, and macroeconomic vulnerabilities are gradually addressed.