United Nations hints at recovery of Pakistani economy due financial reforms
ISLAMABAD - The United Nations has said it expects the Pakistani economy to recover slightly from 2021 onwards due to increased government revenues and implementation of financial reforms.
In addition to forecast about the Pakistani economy, the report also detailed the economic outlooks of other countries in South Asia, like India, China, and Bangladesh, among others.
According to UN World Economic Situation and Prospects (WESP) report link, the Indian economy is expected to grow by 5.7 per cent in the current fiscal year and is expected it to rise to 6.6 per cent in the next.
Bangladesh is forecast to grow by 8.1 per cent this fiscal year and 7.8 in the next. The report adds that only China has a higher growth rate than India among the world's large economies.
Highlighting Pakistan, the report claimed that Islamabad has been struggling with a balance-of-payments crisis and the burden of high public debt, which has led to fiscal tightening and an IMF loan.
“High inflation and security concerns have hurt domestic demand and private investment, and the government’s ability to address the slowdown has been severely curtailed by the fiscal tightening,” stated the report.