ADB's outlook report confirms bright future for Pakistan's economy: Minister

April 13, 2024 (MLN): The Asian Development Outlook report for April 2024 has portrayed positive prospects for Pakistan's economy, validating the government's correct economic policies, Federal Minister for Economic Affairs, Ahad Cheema stated in a statement issued by Economic Affairs Division.

The Minister said that the government had started working towards a stable and sustainable economy, citing a decrease in inflation within the country.

Ahad Cheema said the government had been working to improve financial discipline and promote investment for a better business environment in the country.

The minister said the government was committed to implementing the recommendations of the ADB and continued to work towards building an economy where opportunities are available for all Pakistanis.

"Pakistan’s economy is showing signs of a gradual recovery supported by higher crop output and improvement in manufacturing,” said ADB Country Director for Pakistan Yong Ye.

“Growth is forecast to resume in 2024 and strengthen in 2025 but the continued implementation of policy reforms is crucial to buttressing this momentum and fortifying the country’s fiscal and external buffers,” he added.

In FY2024, growth will be supported by a rebound in private-sector investment linked to progress on reform measures.

In FY2025, growth is projected to reach 2.8%, driven by higher confidence, reduced macroeconomic imbalances, greater political stability, and improved external conditions.

Copyright Mettis Link News