Economy to grow at average of 5.4% in 5 years, 4% in 2018-19

March 17, 2019: The Gross Domestic Product (GDP) is expected to grow at an average of 5.4 percent during the next five years, with highest growth of 6.7 percent to be witnessed in fiscal year 2022-23, according to preliminary figures of 12th Five Year Plan (2018-23).

According to the provisional figures of the draft 12th Five Year Plan, the economy would grow at four percent during the current fiscal year (2018-19), followed by 4.6 percent growth rate in FY 2019-20, 5.5 percent growth in 2020-21, 6.2 percent in 2021-22 and 6.7 percent in 2022-23. At average, the economy would grow at the rate of 5.4, according to draft of the Five-Year Plan.

The break up figures reveal that the agriculture sector would grow by 1.9 percent during the current year followed by 3.2 percent growth in 2019-20, 3.7 percent in 2020-21, 3.9 percent in 2021-22 and four percent in 2022-23. At an average, the agriculture sector would grow at 3.3 in next five years.

The industrial growth is expected at 2.8 percent during the current fiscal year, followed by 4.3 percent expansion in 2019-20, 6.1 percent in 2020-21, 7.6 percent in 2021-22 and 8.4 percent in 2022-23. The average growth of Industrial sector is expected at 5.8 percent during the next five years.

The services sector of the country is projected to grow at 5.1 percent during the fiscal year 2018-19, followed by 5.2 percent in 2019-20, 5.8 percent in 2020-21, 6.4 percent in 2021-22 and 6.9 percent in 2022-23. The average growth during the next five years is expected to remain at 5.9 percent.

The plan identified eight main drivers of economy including rural transformation (farm and non-farm sector), productivity and efficiency, broadening of industrial base through vibrant small medium enterprises sector and mining clusters. In addition, private sector investment and competitiveness, governance, innovation and reforms in various sectors, construction sector, specialized economic zones enhancing domestic production base would be main drivers of economy.

The 12th Five Year Plan envisages balanced and equitable regional development, sustainable, inclusive, job creating, and export led growth besides ensuring food, energy and water security.

The plan also aims social protection and poverty alleviation, improving human resources, governance and gender balance, improving local and regional connectivity, moving towards knowledge economy and green and clean Pakistan.

 (APP)