Pak economy to grow at above 4% despite many challenges: PM Imran

Pakistan's economy is poised to grow at above 4 per cent this year despite COVID-19 and other challenges, Prime Minister Imran Khan said on Friday.

Khan chaired a meeting of the Macro Economic Advisory Group comprising senior members of the economic team of the premier, according to a statement by his office.

The meeting was given a comprehensive overview of the overall economic situation of the country, the government's steps to mitigate the effects of high commodity prices on common people and the government's achievements in the last three years.

Despite the worst balance of payments crisis in the history of Pakistan in 2018, economic difficulties due to COVID, high commodity prices in the global market and humanitarian crisis in Afghanistan having a direct and indirect impact on Pakistan, the growth is still expected to be above 4% which is a huge achievement, Khan said.

 

We inherited huge circular debt, anti-export policies, unsustainable fiscal conditions, less competitive business environment and policies of lack of incentive for the private sector, he said, adding that the government's three years are an economic success story.

Khan said Pakistan performed exceptionally well in combating COVID-19, compared to the countries in the region.

Government's policies of Smart Lockdown and incentive for the construction industry, social protection programmes and subsidies for industries, small and medium enterprises kept the economy growing at a steady pace, which has been praised by commentators globally, he said.

The meeting was informed that after successfully averting the crisis that the previous government left, robust economic stabilisation measures were taken which resulted in high growth compared to all regional countries even in the tested times of COVID-19.

Khan directed the departments concerned to coordinate and implement the long-term and short-term plans for the further betterment of both macro-economic condition of the country and improvement in economic condition of the people, according to the statement.