Islamabad: The Asian Development Bank (ADB) anticipated that the country’s GDP will grow by 4% in Fiscal Year 2022 (FY22) as commercial activity gradually recovers in the second year of COVID-19, according to news released on Wednesday (September 22).
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Economic growth is likely to perk up as corporate activity and consumer confidence rise as a result of various economic stimulus measures announced in the budget, as well as a strong vaccination rollout, according to the Asian Development Outlook 2021 Update. Furthermore, investment is expected to rise as a result of the implementation of IMF-supported programmes and better global attitude.
According to the ADB, agriculture is predicted to develop as a result of the government’s Agriculture Transformation Plan. Increased manufacturing and agricultural expansion, as well as expected gains in domestic demand, are expected to support services sector growth.
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According to the ADB analysis, revenue growth will increase as domestic economic activity and imports improve. According to the report, expenditures are predicted to climb in FY22 due to anticipated increases in development spending and subsidies.
Additionally, with the expected increase in economic activity, export growth is expected to go up. Remittances are expected to remain strong, with the Roshan Digital Accounts programme contributing in the lowering of the current account deficit.
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