Pakistan Succeeded in Reviving Economy Despite Covid Pandemic
Forbes, a leading American business journal, has praised the government’s efforts to combat pandemic and to stabilise and expand Pakistan’s economy, stating that the government has been successful in restoring the country’s economy, which is predicted to rise by 4% this year.
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The magazine stated that successful management to combat the pandemic and the success of the IMF programme, as indicated by the 4% GDP growth, demonstrate Pakistan’s economic potential and strong investment prospects.
It stated that countries such as the United States and India have struggled to combat the coronavirus pandemic. Pakistan has been successful in rebuilding its economy, which is projected to develop at a rate of approximately 4% in 2021, above original projections.
According to SBP Governor Raza Baqir, the recent surge in inflation was mostly caused by energy and food goods, with one-time supply playing a significant role; nevertheless, the relevant authorities are prepared to respond swiftly to the pressure of potential demand.
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According to the report, the IMF gave Pakistan with a $6 billion fund expansion. According to Baqir, Pakistan is progressing toward growth and stability. The administration has turned a $19 billion current account deficit into a surplus of $900 million.
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