KARACHI: Pakistan’s economy is expected to grow by 2.5% in the current fiscal year, supported by ongoing reforms and improved macroeconomic stability, the Asian Development Bank (ADB) said on Wednesday.
Pakistan has undertaken stringent economic reforms following a prolonged financial crisis that forced it to seek loans from the International Monetary Fund (IMF) over the past two years.
Since then, macroeconomic indicators have improved significantly, though the government acknowledges the need for further consolidation through policies aimed at boosting exports and attracting investment.
ADB’s flagship economic publication, the Asian Development Outlook, also maintained in its April edition the country’s economic position has strengthened under the IMF program.
“Pakistan’s economy has benefitted from improved macroeconomic stability through robust reform implementation in areas such as tax policy and energy sector viability,” said ADB Country Director for Pakistan Emma Fan. “Sustained implementation of policy reforms is vital to buttress this growth trajectory and fortify fiscal and external buffers.”
The Manila-based lender said, “Pakistan’s real gross domestic product (GDP) is expected to grow by 2.5% in FY2025, the same growth rate from FY2024.”
It also projected growth to rise to 3% in FY2026.
The report noted average inflation was expected to decline significantly to 6% in FY2025 and further to 5.8% in FY2026.
However, it warned that female labor force participation remained low in Pakistan compared to regional and peer countries, adding that enabling more women to work outside the home could boost productivity and output while advancing female empowerment.
ADB forecasts 2.5% growth for Pakistan this fiscal year as economic reforms take hold
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ADB forecasts 2.5% growth for Pakistan this fiscal year as economic reforms take hold
- The Manila-based lender says the country’s projected growth is likely to rise to 3% in the next fiscal year
- ADB maintains female labor force participation remains low in Pakistan compared to regional countries
PM announces Rs10 million each for players of Pakistan’s U-19 Asia Cup winning squad
- Pakistan thumped favorites India by 191 runs in a one-sided contest in Dubai on Sunday
- PM Sharif also announces Rs2.5 million prize for each member of the team’s management
ISLAMABAD: Prime Minister Shehbaz Sharif has announced a cash reward of Rs10 million ($35,700) each for the players of Pakistan’s Under-19 Asia Cup winning squad, the state-run Radio Pakistan broadcaster reported on Monday.
The development came after a luncheon hosted by the prime minister in Islamabad in honor of the Pakistan U-19 team, commending the team management, Captain Farhan Yousaf, Sameer Minhas, Ali Raza and all members of the contingent for bringing laurels to the country.
Pakistan thumped favorites India in a one-sided contest in Dubai on Sunday. Sent to bat first, Pakistan finished at an impressive 347-8 from 50 overs, powered by an explosive 172-run knock by Minhas. In response, India could only manage a score of 156 runs before being bowled out, with Raza returning figures of 4-42.
“I would like to congratulate you all from the bottom of my heart,” Sharif told Pakistan players and officials in comments televised on Monday. “You defeated the opponent in a way that no one could have imagined.”
In addition, Sharif announced a cash prize of Rs2.5 million ($8,926) for each member of the team’s management, Radio Pakistan reported.
Earlier, the Under-19 Asia Cup champions received a rousing heroes’ welcome upon arrival at the Islamabad airport from Dubai, according to the Pakistan Cricket Board (PCB).
The team was welcomed at the airport by State Minister for Finance Bilal Azhar Kayani and other officials. The U-19 cricket stars were showered with rose petals as a large crowd of fans thronged the airport to catch a glimpse of the winning side.
Social media footage also showed a large number of fans posing with the cricket stars for selfies and pictures.
