Daily Times

Leading international institutions, including the World Bank (WB) and Bloomberg, a reputed global financial news agency, have acknowledged the improvement in Pakistan’s economy.

This improvement stands as a testament to the prudent policies introduced by the coalition governments under Prime Minister Shehbaz Sharif.

According to Bloomberg’s report for the next fiscal year (2024-25), citing figures from the WB, Pakistan’s economy is expected to witness a double increase compared to the economic growth of the current financial year, maintaining a gradual pace.

“The GDP growth rates are picking up, and the economy is starting to show growth,” it added.

Analyzing the World Bank report, Bloomberg said that inflation in Pakistan is likely to fall by 11 percent in the next fiscal year.

Additionally, the International Monetary Fund (IMF)’s new bailout programme is expected to further accelerate and stabilize economic growth. According to the Pakistan Bureau of Statistics (PBS), the Consumer Price Index (CPI)-based inflation decreased to 20.7 percent in March 2023 from 23.1 percent recorded in February 2023.

This marks the lowest inflation rate of 20.7 percent in March for the first time in 22 months, indicating a downward trend after a two-year period. It is the second consecutive month where the pace of inflation has slowed down significantly, surpassing even the optimistic official projections.

The Bloomberg reported that Pakistan would require $24 billion in external financial assistance during the fiscal year starting from July 2024.

It is noteworthy that Prime Minister Shehbaz Sharif, during his last 16-month government, made difficult decisions to save the country from economic default.

And now, under the current coalition government led by Prime Minister Shehbaz Sharif, the IMF program – the Stand by Arrangement (SBA) – has been restored, which is significantly contributing to economic stability.