Monthly Economic Outlook report said the objective of recent accommodative monetary and fiscal policies was to put Pakistan’s economy on higher growth trajectory. AFP/File
ISLAMABAD: The Ministry of Finance on Wednesday anticipated a surge in economic activities despite the uncertain pandemic situation but warned that transition to higher growth could build pressure on external accounts.
“In the transition towards a higher potential growth level, pressure can be built on external accounts,” the economic adviser’s wing of the finance ministry said in its Monthly Economic Outlook (MEO) for July, calling for close monitoring to ensure that the new growth strategy is sustainable without any macroeconomic imbalances as observed in the past.
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In the second week of November 2020, the world welcomed news of two vaccines for Covid-19 that promise over 95 per cent effectiveness. People breathed a sigh of relief. Suddenly, there was hope. Global equity markets moved up, and CEOs started offering their predictions of when life will go back to normal.
While the vaccines are certainly welcome news, the pandemic is, unfortunately, far from over and its economic impact will stay with us throughout 2021 and beyond. The fallout will long outlive the immediate health crisis. In the words of Winston Churchill during the Second World War, “Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.”