.gif)
Overview of the Economy of Pakistan
The restoration of macroeconomic stability is very important and the basic necessity for growth, development, prosperity and improving the quality of life of the nation. Pakistan is facing intensified security challenges since 2001. Additionally the country also faces multiple adverse shocks of increasing the prices of oil and commodity. The country also faces the unprecedented calamity of the floods. These floods wiped out about 2 percent of the growth and also cause a massive damage of $10 billions. About 20 million people were displaced as more than 50,000 Sq. Kms of area submerged in water. The oil prices also shot up from $70/barrel to $125/barrel that creating a great threat to the macro framework.
Despite of many challenges, the overall performance of the economy has been satisfactory. The recent measures for fiscal correction should contribute to a faster recovery of growth. The budget deficit, the key indicator of economic stability will reach unprecedented levels due to the different circumstances. However, due to good economic management and fiscal policy management, the deficit has been estimated at 5.3% of GDP. Economy of Pakistan is been undergoing a stabilization phase since the last four years.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment