Islamabad: Federal Finance Minister Muhammad Aurangzeb, while presenting the National Economic Survey, has announced that Pakistan’s economy is now moving towards stability and GDP growth has been 2.7 percent in the current fiscal year. According to him, there has been a clear reduction in inflation, and it has now come down to 4.6 percent, while the interest rate has been reduced to 11 percent, which is a big change.
The Finance Minister emphasized the effectiveness of the IMF program and said that through it, Pakistan has achieved macroeconomic stability, and the recovery of our economy is also being appreciated at the global level. He said that the global inflation rate has come down to 0.3 percent, and Pakistan is also benefiting from this trend. There has been a significant improvement in foreign exchange reserves, which has restored confidence in the economy.
Muhammad Aurangzeb said that Pakistan needs reforms for a lasting improvement in GDP, and the current government is working in this direction. He said that the tax-to-GDP ratio is at a five-year high and important reforms have also been introduced in the FBR. The power sector has seen a historic improvement in the past year, while the efficiency of electricity distribution companies has also increased.
Freelancers have recorded an income of $400 The finance minister announces a reduction in inflation and a clear reduction in interest rates, which is evidence of the development of the digital economy in the country. According to the survey, the petroleum sector grew by 4.5 percent, pharmaceuticals increased by 2.3 percent, while the chemical sector decreased by 5.5 percent. The growth in mining and quarrying was 3.4 percent.
The survey also highlighted the education sector, where 0.8 percent of GDP was spent on education. The literacy rate in the country was recorded at 60.6 percent, with 68 percent for males and 52.8 percent for females. There are currently 269 universities functioning in Pakistan, of which 160 are government institutions and 109 are private institutions. Under the Skill Development Program, more than 60,000 youth have been trained in various technical fields, which will have a positive impact on the economy in the future.
