Prime Minister Shehbaz Sharif will chair a crucial meeting of the National Economic Council (NEC) at the PM House today to finalize the development program for the next financial year. The meeting will be attended by provincial chief ministers, federal and provincial representatives, and other stakeholders.
The NEC will review the current financial year’s development program and set economic targets for the upcoming financial year 2024-2025. The 13th five-year plan (2024-2029) will also be presented for approval.
The proposed economic growth target for the next fiscal year is 3.6%, with an average inflation target of 12%. Sector-specific targets include:
- Agriculture: 2% growth
- Industry: 4.4% growth
- Services: 4.1% growth
- Investment: 14.2% of GDP
- National savings: 13.3%
The federal government has prepared a five-year plan (2024-2029) to determine key economic goals, including macroeconomic framework, energy, balance of payments, development budget, food and agriculture, population, poverty, and governance reforms.
The NEC will review proposed public investment for the next financial year, federal development programs, provincial annual development plans, state-owned enterprises’ development plans, and progress reports from ECNEC and Central Development Working Party.
This meeting aims to set the tone for Pakistan’s economic direction in the coming years, and the decisions made will have a significant impact on the country’s economic growth and development.
