ISLAMABAD: A day before announcing the budget for the fiscal year 2022-23, the coalition government reflected upon the performance of the economy for the outgoing fiscal year with a growth of 6% against the envisaged target of 4.8%.
Finance Minister Miftah Ismail, who succeeded Shaukat Tarin as the country’s finance czar in mid-April (which interestingly is when the survey review period ends), chaired the launch ceremony of the Economic Survey 2021-22.
“The situation in Pakistan has remained the same whenever the country records growth but, unfortunately, it falls into the crisis of current deficit,” Miftah said in a televised press conference.
The survey document released by the Ministry of Finance, however, noted that though the economy recovered from the pandemic (a 0.94% drop in FY20) and maintained a V-Shaped recovery by posting real GDP growth of 5.97% in the fiscal year 2022 this high growth is “unsustainable” and has resulted in “financial and macroeconomic imbalances”.
It is worth mentioning that the National Economic Council (NEC) has approved the annual targets for the upcoming fiscal year 2022-23 including the economic growth target set at 5%, along wi
