Business
ADB releases report on Pakistan's economy
Asian Development Bank's partnership for Pakistan's economy will continue for sustainable growth.
Islamabad: Asian Development Bank (ADB) has released a report on Pakistan's economy.
According to the ADB report, the economy of Pakistan can be managed by holding elections in the current fiscal year.
The report stated that inflation and economic difficulties will continue to be faced during the financial year 2024.
Meanwhile, due to the increase in energy price and depreciation of rupee, inflation is expected to increase. The overall rate of inflation will remain up to 25% this fiscal year.
The report of Asian Development Bank said: “The growth rate of Pakistan's economy is expected to be 1.9% this fiscal year. It is necessary to implement the reform agenda for stable growth in the economic growth rate”.
Reforms in financial management, market-based exchange rate and power sector are necessary, it added. Reforms in government-owned enterprises are essential for sustainable economic growth.
According to the ADB report, Pakistan's economy faced floods and political instability in the last financial year due to which inflation and growth rate remained low. Asian Development Bank's partnership for Pakistan's economy will continue for sustainable growth.