Asian Development Bank projects Pakistan economy to grow by 5.2pc

KARACHI: Pakistan economy to edge up in the current fiscal year to 5.2 percent from 4.7 percent a year ago on back of better economic security situation and improved fundamentals, said Asian Development Bank report.

ADB released its report on the Asian Economies and said the current fiscal year would be better compared with the preceding year, while growth to accelerate in the new fiscal year starting July 01, 2018 because of improved fundamental changes expected due to China Pakistan Economic Corridor.

Because of CPEC, increased economic activity started to emerge and investment has been increased in the infrastructure sector. Imports have increased sharply especially the machinery and plant related items.

Asian Development Bank expects the upcoming federal budget in June 2017, which would be likely to prioritize measures envisaging steps to foster economic expansion in 2017-18 fiscal year, the election year.

Confidence of the local and foreign investors have improved helped catalyzing the economic activity which could be highlighted through the country re-entry in the MSCI Emerging Market in May 2017 after nine-year hiatus which underlines investors’ confidence in the country’s economy.

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