World Bank revises Pakistan’s growth rate upward

World Bank revises Pakistan’s growth rate upward

ISLAMABAD: World Bank has revised Pakistan’s growth rate upward to 5.2 percent for the fiscal year 2017 and 5.5 percent for 2018.

The bank previously estimated growth in Gross Domestic Product (GDP) of Pakistan 5 percent and 5.4 percent respectively, a private news channel reported.

The report “Global Economic Prospects; weak investment in uncertain times”, states that the uptake in activity was spurred by a combination of low commodity prices, rising infrastructure spending, and reforms that lifted domestic demand and improved the business climate.

In Pakistan, growth is forecast to accelerate from 5.5 percent in the fiscal year 2018 to 5.8 percent a year in the fiscal year 2019-20, reflecting improvements in agriculture, infrastructure, energy, and external demand.

The report further mentioned the successful conclusion of Special Drawing Rights (SDR) 4.393 billion IMF Extended Fund Facility (EFF) programme, aimed at supporting reforms and reducing fiscal and external sector vulnerabilities, lifted consumer and investor confidence.

The China-Pakistan Economic Corridor (CPEC) project will increase investment in the medium-term, and alleviate transportation bottlenecks and electricity shortages.

World Bank revises Pakistan’s growth rate upward was posted in business of Geo TV - https://www.geo.tv on January 11, 2017 and was last updated on January 11, 2017. This news story is related to , Geo News, Geo Tv, Latest News Pakistan, Pakistan, Pakistan News, Pakistan Economy, Islamabad, Pakistan, World Bank. Permanent link to the news story "World Bank revises Pakistan’s growth rate upward" is https://www.geo.tv/latest/126983-World-Bank-revises-Pakistans-growth-rate-upward.