5.97% GDP growth rate in FY22 unsustainable: Miftah Ismail

Jun 09, 2022: Unveiling the important budgetary document of 'Pakistan Economic Survey 2021-22' on Thursday, Minister for Finance and Revenue Miftah Ismail termed the GDP growth rate of 5.97 percent during the outgoing fiscal year unsustainable as the country needed to stabilize the economy before moving towards sustainable growth.

He said the country witnessed a higher economic growth during the year, which resulted in the Current Account Deficit (CAD) to soar to a level where the government had no option but to slow down the economy to control the CAD.

Addressing a press conference after launching the economic survey, the minister said the growth rate was according to the new base year. “Had it been based on the old base year, the GDP (gross domestic product) growth rate would have been lower.”

Flanked by Minister for Planning Ahsan Iqbal, Minister for Power Khurrum Dastgir, and Minister of State for Finance Ayesha Ghous Pasha, Miftah said during the current fiscal year, the imports increased by 48% to $75 billion whereas the exports rose by 28 percent.

The government could manage to pay only 40% of the import bill out of the exports' earning, while the rest was footed from other sources, including loans, he added.

APP