World Bank forecasts 3.4% growth for Pakistan in FY22

Spread the love

The World Bank has kept Pakistan’s economic growth forecast for the fiscal year 2021-22 unchanged at 3.4%.

The Washington-based lender on Tuesday released its Global Economic Prospects report 2022, which projected that both the advanced and developing economies would further slow down after showing recoveries last year.

“Growth in Pakistan surprised on the upside, supported by improving domestic demand, record-high remittance inflows, and a narrow targeting of lockdowns,” the World Bank noted.

It further stated that in Pakistan, high inflation led to the removal of monetary accommodation.

The bank said that growth prospects have improved since June 2021, largely because of better prospects in Pakistan.

“Pakistan will benefit from structural reforms boosting export competitiveness and enhancing the financial viability of the power sector,” the global lender noted.

The bank said that following a strong rebound in 2021, the global economy is entering a pronounced slowdown amid fresh threats from COVID-19 variants and a rise in inflation, debt and income inequality that could endanger the recovery in emerging and developing economies.

The World Bank forecasts Pakistan’s growth rate to clock in at 4% next year.

— World Bank Global Economic Prospects report 2022
— World Bank Global Economic Prospects report 2022 

Meanwhile, global growth is expected to decelerate markedly from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023 as “pent-up demand dissipates and as fiscal and monetary support is unwound across the world.”

The bank further noted that the rapid spread of the Omicron variant indicates that the pandemic will likely continue to disrupt economic activity in the near term.

Related posts

6 Thoughts to “World Bank forecasts 3.4% growth for Pakistan in FY22”

  1. of course like your web-site however you have to check the spelling on quite a few of your posts.

    Several of them are rife with spelling issues and I to find it very bothersome
    to inform the truth then again I’ll surely come again again.

  2. Do you have a spam issue on this blog; I also am a blogger, and I was wanting to know your situation; we have developed some nice practices and we are looking to exchange techniques with others, please shoot me an e-mail if interested.

  3. I’ll immediately seize your rss feed as I can not
    in finding your e-mail subscription hyperlink or e-newsletter service.
    Do you’ve any? Kindly permit me recognize so that I could subscribe.


  4. I was able to find good advice from your articles.

  5. Very nice post. I just stumbled upon your blog and wanted to say that I have
    really enjoyed browsing your blog posts. In any case I
    will be subscribing to your feed and I hope you write again soon!

  6. I blog frequently and I truly thank you for your information. Your article has truly peaked my interest.
    I’m going to take a note of your blog and keep checking for new information about once per week.
    I subscribed to your RSS feed as well.

Leave a Comment