ISLAMABAD: Pakistan’s economy would grow by two percent this year as COVID-19 restrictions ease and business activity resumes, the Asian Development Bank (ADB) said in a report on Wednesday, adding that improvement in economic outlook would depend on an effective coronavirus immunization campaign launched by the country.
The bank said in its Asian Development Outlook 2021 report the growth figure could jump to 4 percent in 2022 if the COVID-19 vaccination rollout was successful and economic stabilization measures were properly implemented.
“It is vital for Pakistan to continue to combat the pandemic by rapidly deploying vaccines and continuing with reforms to support economic recovery, including strengthening social protection and supporting the private sector,” the bank’s acting country director for Pakistan, F. Cleo Kawawaki, said.
The report said Pakistan’s industry appeared poised for robust growth led by manufacturing and construction while services were also expected to rebound as retail and trade picked up.
It added that inflation was projected to come down to 8.7 percent during the year, partly reflecting an expected improvement in food supply, subsidies for wheat and sugar, and closer price monitoring of essential commodities.
The bank maintained that strong support for small and medium-sized enterprises (SMEs) was needed to stimulate growth and ensure jobs for young people entering the labor market.
“Improving access to finance for small and medium-sized enterprises is essential to unlocking business opportunities and stimulating new jobs,” Kawawaki continued.
The bank said licensing and registration processes needed to be simplified to facilitate the movement of informal SMEs into the formal sector, adding that digitalization could also expand access to financial services and export markets.
Pakistani economy expected to grow by 2% this year, Asian Development Bank says
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Pakistani economy expected to grow by 2% this year, Asian Development Bank says
- Growth rate likely to accelerate to 4 percent in 2022 given an effective COVID-19 vaccine rollout
- ADB annual report says inflation in Pakistan projected to come down to 8.7 percent in coming months
Pakistan expresses solidarity with Canada as school shooting claims 9 lives
- At least 9 dead, 27 wounded in shooting incident at secondary school, residence in British Columbia on Tuesday
- Officials say the shooter was found dead with an apparent self-inflicted gunshot wound after the incident
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Wednesday expressed solidarity with Canada as a high school shooting incident in a British Columbia town left at least nine dead, more than 20 others injured.
Six people were found at the Tumbler Ridge Secondary School while a seventh died on the way to the hospital, the Royal Canadian Mounted Police (RCMP) said in a statement on Tuesday. Two other people were found dead at a home that police believe is connected to the shooting at the school. A total of 27 people were wounded in the attack.
In an initial emergency alert, police described the suspect as a “female in a dress with brown hair,” with officials saying she was found dead with an apparent self-inflicted gunshot wound.
“Saddened by the tragic shooting in Tumbler Ridge, British Columbia,” Sharif wrote on social media platform X.
He conveyed his condolences to the families of the victims, wishing a swift recovery to those injured in the attack.
“Pakistan stands in solidarity with the people and Government of Canada in this difficult time,” he added.
Canadian police have not yet released any information about the age of the shooter or the victims.
Canadian Prime Minister Mark Carney said he was “devastated” by the violence, announcing he had suspended plans to travel to the Munich Security Conference on Wednesday.
While mass shootings are rare in Canada, last April, a vehicle attack that targeted a Filipino cultural festival in Vancouver killed 11 people.
British Columbia Premier David Eby called the latest violence “unimaginable.”
Nina Krieger, British Columbia’s minister of public safety, described it as one of the “worst mass shootings” in Canada’s history.
