ISLAMABAD – A recently published World Bank report has made new predictionsand assessments regarding the Pakistan economy in the Fiscal year 2019.
The report suggests that Pakistan’s economy might slow down in the ongoingfiscal year.
The report titled ‘Budget Crunch’ projected a 4.8% fall in the country’sGDP growth rate for the fiscal year 2019, citing macroeconomic instabilityand tighter fiscal and monetary policies as the core reasons.
The report, published bi-annually, revealed that Pakistan’s remittances didnot increase from the point they were last year; whereas other countries ofSouth Asian regions such as Bangladesh and India saw an 18% and 28% rise inthe same period, respectively.
The report further states that inflation in Pakistan escalated to 5.9% inAugust this year compared to 4.15% in FY17.
The report, however, appreciates the fact that despite upheavals on themacroeconomic front, Pakistan’s economy grew at 5.8%, with its industrialproduction registering a 4.5% growth.