ISLAMABAD (Reuters) – Pakistan’s economy will grow 5.8 percent this fiscal year, the fastest pace in 13 years, the country’s de facto finance minister, Miftah Ismail, said on Thursday, a day before he announces the 2018/2019 budget.
Pakistan’s economy has seen growth accelerate in recent years but it has not been without problems. The World Bank and the International Monetary Fund have warned that the country’s macro-economic picture has been deteriorating as its current account deficit widens.
Pakistan’s foreign reserves have also been dwindling amid a consumer boom and a spike in imports, including machinery for Chinese projects that form part of the Belt and Road initiative.
Ismail, speaking to reporters alongside Pakistan’s Planning Commission Minister Ahsan Iqbal at the launch of the Economic Survey of Pakistan, said growth for 2016/2017 (July-June) has been revised to 5.4 percent from 5.28 percent.