Pakistan’s government established a 3.5 percent GDP growth target for the fiscal year 2023-24, with agriculture growing at 3.5 percent, industrial at 3.4 percent, and services growing at 3.6 percent.
According to a statement made today, this was announced at the Annual Plan Coordination Committee (APCC) meeting, which was led by Minister for Planning, Development, and Special Initiatives Ahsan Iqbal.
In the meeting, the chief economist provided an economic projection for 2023-24, stating that it will result in an orderly rebalancing of economic growth and current and fiscal account balances.
He stated that the GDP growth objective for the fiscal year 2023-24 will be 3.5 percent.
However, he expressed concern about the global slowdown, increased interest in wealthy countries, and rising commodity costs, which could jeopardize economic plans.
The minister emphasised that the government inherited an economy that was experiencing a lot of external and domestic issues, resulting in huge fiscal restrictions.
He also informed attendees that the Ministry of Planning, Development, and Special Initiatives had developed a 5Es plan (Exports, E-Pakistan, Environment, Energy, and Equity), which would serve as a guidepost in developing our development programme.
He also stated that the Annual Plan 2023-24 and the Public Sector Development Plan (PSDP) 2023-24 will prioritise projects at an advanced level, and that token allocation should be avoided.
The Chief Economist updated participants on the economy’s performance in the fiscal year 2022-23 and growth estimates for the fiscal year 2023-24.
As a result, Ahsan Iqbal recommended provincial governments and Federal Ministries/Divisions plan their development projects with caution and efficiency.
He said that during 2022-23, due to high inflation, caused by unfavorable external environment, floods, and import compression measures, only marginal economic growth was recorded. Lastly, he highlighted the significant improvement in fiscal and current account balances, which he termed as a positive sign for the revival of growth during 2023-24.
