Pakistan to miss all major economic targets in FY 2016-17: State Bank

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Pakistan to miss all major economic targets in FY 2016-17: State Bank

State Bank of Pakistan has released the statistics for the first quarter of the FY 2016-17.

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As per the reports, states that fiscal deficit rose because of lower than expected tax collection in the first quarter. SBP expects fiscal deficit to rise to 5 per cent of GDP in FY17 as against the target of 3.8 per cent.

SBP is also expecting export targets for FY17 to be missed by $2.2 billion from the target of $24.7 billion.

The GDP growth rate is projected to be between 5 to 6 per cent in FY17 against the target of 5.7 per cent.

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Remittances will also remain stagnant in FY17 around last year’s level of $20.5 billion.