Finance Minister Muhammad Aurangzeb announced on Friday that Pakistan's economic growth is projected to be around 4% during the current fiscal year, driven by improved macroeconomic indicators. Speaking at a press conference in Islamabad, the minister highlighted that the government's economic reforms are yielding positive results.
Key Economic Indicators
The finance minister noted that inflation has decreased significantly, the current account deficit has narrowed, and foreign exchange reserves have stabilized. He attributed these improvements to prudent fiscal management and the implementation of structural reforms.
“We are confident that the economy will grow by approximately 4% this fiscal year, which is a significant improvement from the previous year’s growth rate,” Aurangzeb said. He added that the government is focused on sustaining this growth momentum through continued reforms.
Revenue and Exports
The minister also reported a 30% increase in tax revenues during the first half of the fiscal year, while exports have grown by 15%. He emphasized that the government is working to broaden the tax base and enhance export competitiveness.
- Tax revenues up 30% in H1
- Exports grew 15%
- Current account deficit narrowed by 40%
Challenges and Outlook
Despite the positive outlook, Aurangzeb acknowledged challenges such as high energy costs and global economic uncertainties. He assured that the government is taking measures to address these issues, including promoting renewable energy and diversifying export markets.
The finance minister expressed optimism that Pakistan would achieve sustainable economic growth in the coming years, with the support of international partners and the private sector.
