Trade activities soar to multi-year high
Surge comes on back of government’s policies to ramp up economy amid pandemic
KARACHI:
Pakistan’s import and export activities geared up to multi-year high in the fiscal year ended June 30 in the wake of government policies to ramp up economic activities to get out of the Covid-19 pandemic stress. However, the growth strategy has weakened the country’s capacity to make international payments for imports and foreign debt repayments.
The trade deficit surged by a massive $30 billion in FY21 and mounted pressure on rupee against the US dollar, as it dropped to a nine-month low at $161.48 to the greenback on Tuesday, the last working day ahead of Eidul Azha holidays.
Private sector credit offtake soars 196 2pc to Rs489 4bln
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PABC raises Rs4 6b through IPO
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Growth rate of 3.94% not surprising
Govt must be committed to reforms without which growth cannot be sustainable
ISLAMABAD:
When the National Accounts Committee published an estimate of 3.94% economic growth based on the July 2020-April 2021 period, it caught most of the commentators by surprise and the estimate was disputed.
In this article, we argue that this should not have been the case, using insights obtained from our analysis.
For the last 18 months, we have published a monthly index, which takes into account Pakistan’s macro-economy based on the analysis of four periodic datasets: trade volume (TV), Consumer Price Index (CPI), Quantum Index of Large-Scale Manufacturing Industries (QIM) and Long-Term Financing Facility (LTFF). From July 2020 to April 2021, the index has exhibited an upward trend, registering a growth of 19%. It shows that the economy has demonstrated positive growth for all but two months.