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Bad news for Pakistan on the economic front! GDP estimated to be up to 0.29 percent

Pakistan GDP for Fiscal Year 2022-23: The economic situation in India’s neighboring country Pakistan is only getting worse. Now the National Accounts Committee of the country has reduced the growth rate of its Gross Domestic Product for the financial year 2022-23. Earlier the country’s GDP growth (Pakistan GDP Growth) was estimated at 2 per cent, which has now been reduced to 0.29 per cent. According to the report published in the Economic Times, amidst the concern of default, the committee has given information about the decrease in industrial development. In a statement issued on Wednesday, the committee said that due to the slowdown in agriculture, industrial and service sectors, Pakistan’s economic growth rate has slowed down. A growth of 1.55 percent in the country’s agriculture sector, -2.94 percent in the industrial sector and 0.86 percent in the service sector has been seen this year. Let us tell you that the financial year of Pakistan runs from July to June 30.

The committee said this on GDP

The National Accounts Committee also said that the GDP figure for the financial year 2021-22 had been revised from 5.97 per cent to 6.10 per cent. Whereas in the financial year 2020-21, the figure of the committee was 5.74 per cent, but the actual figure was 5.77 per cent during this period. In such a situation, the GDP of Pakistan will decrease from 6.10 percent to 0.29 percent within a year.

country going through economic difficulties

Significantly, Pakistan is going through an economic crisis for a long time. Even after lakhs of efforts, no agreement has been reached with the International Monetary Fund yet. In the year 2019, Pakistan had made an agreement with the IMF for a bailout package of $ 6.5 billion, for which Pakistan has been trying for a long time to get an installment of $ 1.1 billion. Along with this, political instability and last year’s devastating floods have completely destroyed the country’s economy. Earlier, the State Bank of Pakistan had said on Friday that the country’s GDP could be less than 2 percent in the financial year 2022-23.

Common people are troubled by record inflation

Along with economic plight, record inflation (Pakistan Inflation) has broken the back of the general public. The inflation rate in April had reached 36.4 percent. With this, the Pakistani rupee had reached its lowest level against the dollar. Due to the shortage of flour in the country, people had to face a lot of trouble.

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