NEC approves 5% economic growth target for FY23

June 08, 2022: The National Economic Council (NEC) on Wednesday approved the annual targets for the upcoming fiscal year 2022-23, including the economic growth target set at 5 percent, along with efforts to raise it to 6 percent.

The NEC, presided over by Prime Minister Muhammad Shehbaz Sharif, also approved various sectors’ growth targets for the new fiscal year, including agriculture 3.9%, industries 5.9% and services 5.1 %.

The council also approved the Macro-Economic Framework for Annual Plan 2022-23. The proposed allocation of Rs 800 billion for the Public Sector Development Plan (PSDP) for the next fiscal was also approved by the council.

It unanimously decided that 60% of the development budget would be spent on the ongoing projects, while the remaining 40% would be spent on the new development schemes.

APP