Pakistan sees 3.9 per cent economic growth

Pakistan said on Friday that its economy is on course to grow 3.94% in the financial year that ends in June, almost double the IMF and World Bank’s projections, as it recovers from the worst impact of the pandemic.

The planning ministry said its provisional estimate was based on data for the year so far on growth in the agricultural, industrial, and services sectors.

“This growth in a period in which COVID placed a huge challenge to the economy is extremely gratifying,” minister for planning Asad Umar said in a tweet. Pakistan’s economy was hit hard by the COVID-19 pandemic last year. On Friday the ministry also revised down GDP growth for the financial year that ended on June 30, 2020 to -0.47%, from -0.38%.

The IMF has estimated GDP for the 2020/21 fiscal year will grow 1.5%, and the World Bank estimates growth of 1.3%.

Pakistan’s exports to China shot up by 64 per cent during January-March 2021, Commercial Consular, Pakistan Embassy, Beijing, Badar Uz Zaman said. He made these remarks while participating in a recently held a brainstorming session online with representatives of Pakistani trading community to discuss how to secure a due share in the over $2 trillion import market of China.  The conference had particular significance in the backdrop of the updated China-Pakistan FTA. They stressed the need to robust efforts to take full benefits of the concessions granted by the Iron Brother to Pakistani traders under the CPFTA-II. However, the government officials told the traders that value-addition, certification and branding were all a must for penetrating the Chinese market, according to a report published by CEN.

The Chinese authorities also offer generous help by training Pakistani traders and workforce to meet the required standards, they said. They also told the traders to appoint local agents for effective marketing and ensure active presence in trade exhibitions held in China.