ISLAMABAD: The Asian Development Bank (ADB) has released its latest Economic Outlook Report on Pakistan, highlighting positive developments in its economy.
Predicting its economy in the right direction, the ADB said that Pakistan’s GDP growth is expected to reach 3% in the next fiscal year.
The report highlights signs of economic improvement, a downward trend in inflation, and reduced interest rates.
The ADB attributes this stabilisation to the implementation of the IMF programme, which has helped bring economic discipline.
It projected 2.5 % growth for the current fiscal year, Pakistan’s economic growth rate is projected at 2.5%, while overseas remittances have shown an encouraging increase, providing further support to the national economy. Inflation is also expected to ease.
The ADB estimates that inflation will remain around 6% by the end of the ongoing fiscal year and could decline further to 5.8% in the next fiscal cycle. The report cites stable global oil and food prices as contributing factors to this downward inflationary trend.
The ADB has expressed satisfaction over reforms in Pakistan’s tax and energy sectors. However, the report also highlights that women in Pakistan remain underrepresented in the labour force compared to other countries in the region.
To address this, the ADB recommends vocational training initiatives that could equip women with essential skills, helping them access better job opportunities and play a more active role in the economy.
