The provisional Gross Domestic Product (GDP) growth rate for the year 2021-22 is estimated at 5.97%, announced the Planning Ministry after a meeting of the National Accounts Committee. The broad-based growth was witnessed in all the sectors of the economy, it added. The GDP is the monetary value of all goods and services produced in a year.
The nearly 6% growth rate is higher than the official target of 4.8% and far higher than the estimates of the Ministry of Finance, State Bank of Pakistan, International Monetary Fund, World Bank and the Asian Development Bank.
The figure is provisional and subject to variations once the final results are available at the end of the fiscal year. The economic growth rate during the last two years of the PTI rule was slightly better than the PML-N’s last two years but both the governments failed to address structural problems of Pakistan’s economy.
The 6% growth rate at the end of the Pakistan Tehreek-e-Insaf government was the highest in four years. Last time, the country attained a 6.1% growth rate in 2017-18 – the last year of the PML-N rule, which had also been driven by consumption and imports and took the country back to the IMF.
Source: The Express Tribune