State Bank of Pakistan released first quarterly report on Pakistan Economy for FY 2019
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ISLAMABAD - State Bank of Pakistan today released its First Quarterly Report on the State of Pakistan’s Economy for Fiscal Year 2019.
According to the report, the overall macroeconomic environment remained challenging during the first quarter of FY19 as suggested by the preliminary data.
The 6.2 percent target for real GDP growth seems unachievable with the policy focus now tilted towards macroeconomic stabilization.
The primary concern was the steep rise in global crude prices, which not only reinforced the already strong underlying inflationary pressures in the economy, but also eclipsed emerging improvements in the external sector.
The production of all major Kharif crops remained lower as compared to the last season, due to lower water availability, which led to a decline in the total area under production.
Responding to these challenges, the new political regime immediately announced cuts in development spending, partially reversed tax relief measures, and also explored avenues to bridge the external financing gap.
Meanwhile, Governor State Bank, Tariq Bajwa will address a press conference to unveil Monetary Policy of the country in Islamabad on Thursday.
The press conference will be followed by the meeting of Monetary Policy Committee.
