Economy on inclusive, sustainable growth path

Pakistan’s economy is moving progressively on a higher inclusive and sustainable growth path on the back of various measures and resultant achievements despite a myriad of challenges. According to Arab News, Pakistan implemented a policy of stabilisation following the national economic crisis of 2017-18 and the economy recovered from macroeconomic imbalances, but the coronavirus (Covid-19) pandemic slowed down the pace. During the past three years of the incumbent government, it has faced numerous economic challenges which were somehow aggravated by the pandemic. However, the federal government has quite successfully progressed from recovery and stabilisation of the national economy to its sustainable growth. Pakistan’s gross domestic product (GDP) rate was estimated to be 2.9 percent against the targeted growth of 2.1 percent through the policy initiatives. Besides extending the economic stimulus for the fiscal year in 2021, an amount of Rs155 billion was also released to mitigate the socio-economic impacts of the pandemic. Home remittances by overseas Pakistanis grew significantly. The current account balance showed improvement. The country’s exports also showed an appreciable turnaround. Furthermore, the World Bank recognised the Ehsaas Emergency Cash Programme as being among the top four social protection interventions in the world in terms of the number of people it covered. The International Monetary Fund (IMF) also said government policies have been crucial in supporting the national economy during the Covid-19 pandemic.