National GDP growth rises to 3.94pc: Asad Umar

Minister for Planning and Development Asad Umar said on Friday that Pakistan’s GDP growth has come in at 3.94 per cent.

Taking it to twitter, Asad Umar said that the national accounts committee has finalised the GDP growth estimate, adding, “Alhamdulillah the GDP growth has come in at 3.94%.”

He said that the GDP growth in a period in which COVID-19 placed a huge challenge to the economy is extremely gratifying and proof of the success of Prime Minister Imran Khan’s economic policies.

In another tweet, Asad Umar said that per capita of Pakistan jumped by 13.4 per cent this year from $1361 to $1543 due to a combination of GDP growth and strengthening of the Pakistani rupee against the US dollar. “Total GDP increased from $263 billion to $296 billion an increase of $33 billion which is the highest ever increase in any year.”

Earlier, the International Monetary Fund (IMF) had forecast a four per cent Gross Domestic Product (GDP) growth for Pakistan in 2022.

In its World Economic Outlook report – released at the start of the IMF and World Bank’s spring meetings- the international body had shared that the GDP growth for Pakistan remained at negative (-)0.4 per cent during 2020.

It further said that the GDP growth would remain at 1.5 per cent during the ongoing fiscal year and would witness an upward trend to touch the four per cent mark in 2022.

The monetary body had said that the rate of inflation remained at 10.7 per cent in the country during 2020, and would witness a decline in 2021 to 8.7 percent and a further downward trend to 8 per cent in 2022.

Further commenting on the unemployment ratio in the country, the IMF report highlighted that joblessness would remain around five per cent in the country this fiscal year and would follow a declining trend in 2022 to remain at 4.8 per cent.

As per the details stated in the fund’s report, the positive trend in the current account would continue. In addition, it also forecasted that the current account balance would remain at 1.5 per cent of the GDP.

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