Prime Minister Felicitates Govt On Achieving 5.37% GDP Growth In Three Years
Mohammad Ali (@ChaudhryMAli88) Published January 21, 2022 | 01:40 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 21st Jan, 2022 ) :Prime Minister Imran Khan Friday congratulated his government on achieving the GDP growth of 5.3% which led to substantial jobs creation and also raised per capita income.
The prime minister wrote on Twitter that the success of the government's economic reforms was also recognized globally.
He also cited a report of Bloomberg which predicted that Pakistan would sustain high growth trajectory and employment levels.
Moreover, the prime minister also said that since the outbreak of the COVID-19 pandemic, Pakistan had been ranked amongst the top three countries on the normalcy index.
He said the Economist magazine, in its latest normalcy index also indicated that during the pandemic, Pakistan simultaneously saved jobs as well as lives.
According to Bloomberg, Pakistan's GDP grew 3.9% in the fiscal year ended June 2021, swinging from a 0.
5% contraction in fiscal 2020 but leaving a slight negative output gap of -0.8%.
"We see the output gap turning positive for the next few years before it converges to zero," it added.
Bloomberg also projected a gradual decline in the unemployment rate through 2030 to its long-term historical average of 5.5%. It also projected a gradual rise in the participation rate through 2050.
The government has launched a comprehensive youth employment program with a focus on imparting market-oriented skills.
The investment growth is expected to pick up in the current decade, spurred by inflows related to CPEC projects. Meanwhile, the tax reforms, driven by the outcome of negotiations with the International Monetary Fund, are also being implemented.
This should increase tax revenues, making space for higher public investment.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 19 April 2024
Today Gold Rate in Pakistan 19 April 2024
Rock-solid Ruud racks up season-leading win in Barcelona
At UN, Iran says it will make Israel 'regret' reprisals
G7 hears calls for 'critical' Ukraine aid
EU seeks to leverage might to confront China, US challenge
5 Customs officials martyred as their vehicle ambushed by terrorists in D I Khan
Pak-New Zealand match called off due to rain
NHA restores traffic on roads affected by recent rains in Balochistan
China to fully support Pakistan's efforts against terrorism: Ambassador Jiang
U.S. envoy calls on Foreign Minister Ishaq Dar
Poland arrests man over suspected plan to kill Zelensky
More Stories From Pakistan
-
19 shops sealed for decanting
11 seconds ago -
SPSC announces result of Sub Inspector Anti-corruption Establishment
10 minutes ago -
President Zardari, PM Shehbaz condemn Karachi suicide attack; laud timely police response
20 minutes ago -
5 Customs officials martyred as their vehicle ambushed by terrorists in D I Khan
12 hours ago -
NHA restores traffic on roads affected by recent rains in Balochistan
12 hours ago -
China to fully support Pakistan's efforts against terrorism: Ambassador Jiang
12 hours ago
-
U.S. envoy calls on Foreign Minister Ishaq Dar
12 hours ago -
Police foils attempt of supply mainpuri raw material
12 hours ago -
Govt making efforts to eradicate polio: DC
12 hours ago -
Parliamentarians hail President's speech as reminiscent of state policy, rebuke Opposition's protest
12 hours ago -
Collective efforts to overcome challenges to education, say speakers at Int'l conference
12 hours ago -
RCB destroys 200 Kg of unhealthy meat
12 hours ago