There’s no shying away from the fact that Pakistan’s economy is growing at a fast pace over the past few years. According to the World Bank (WB) forecast, the country’s economy will increase by 5.2% in FY17 (July 1, 2016 – June 30, 2017) and will grow by 5.5% in the next fiscal year. The news indicates that the private investment in the country and economic conditions are experiencing an upward trend.
According to the World Bank, South Asia region is expected to experience a growth of 6.8% in FY17 and it will accelerate to 7.1% in FY18. As per the recent report published by the World Bank, regional growth will also stay strong. Moreover, growth of the region is also expected to increase in 2018-19 and will hit an average of 7.2%.
Worldwide economic growth is expected to increase by 2.7% in FY17 mainly because of increase in manufacturing and trade, stabilizing commodity prices, and rising market confidence.
Economic Prosperity In Pakistan
When it comes to Pakistan, agriculture output has finally bounced back following the end of drought period. On the other hand, the successful completion of IMF-supported program has significantly improved the macro-economic conditions and Foreign Direct Investment (FDI).
“After a prolonged slowdown, recent acceleration in activity in some of the largest emerging markets is a welcome development for growth in their regions and for the global economy,” said World Bank Development Economics Prospects Director Ayhan Kose. “Now is the time for emerging market and developing economies to assess their vulnerabilities and strengthen policy buffers against adverse shocks” he added.