Government sets 3.5% GDP growth target for FY24

June 05, 2023 (MLN): Gross Domestic Product (GDP) growth target for the fiscal year 2023-24 will be 3.5%, Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal stated at the Annual Plan Coordination Committee (APCC).

While expressing optimism, he said that inflation is expected to come down from 29.2% to 21%, while the ratio of national savings is expected to rise from 12.5% to 13.4%.

Furthermore, he stated that exports of the country are expected to reach $28 billion this year, and $30bn in the next financial year.

While the imports are expected to reach $54.5bn this year, and $58.7bn in the next financial year.

In order to expand the growth, the Federal Minister for Finance & Revenue Senator Mohammad Ishaq Dar has assured the investors that the government is determined to present an investment-friendly budget for Fiscal Year 2023-24.

This will help to attract more companies and investments in Pakistan and put the country’s economy on a positive trajectory soon.

He held a meeting with a delegation of the Pakistan Stock Exchange led by Mr. Farrukh Hussain Khan, MD/CEO PSX  at FBR (Hqrs) today.

The delegation appreciated the initiative of the Finance Minister for taking on board all the stakeholders while preparing the budget for the upcoming Fiscal Year 2023-24.

The delegation also brought to the notice of the Finance Minister various challenges being faced by the capital markets while presenting recommendations to be taken into account in the upcoming budget.

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