Pakistan’s Economy Records The Highest Growth of 9.1%
According to Hammad Azhar, Pakistan’s Minister for Industries and Production, large-scale manufacturing, which includes the production of cars, textiles, sugar, and medicines, increased by 9.1% last year, the second-highest growth in many years.
The Pakistan Bureau of Statistics tracks the expansion of companies engaged in large-scale manufacturing that are registered under the 1934 Factory Act through the Quantum Index of Large-Scale Manufacturing Industries (QIM).
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The index includes all establishments listed in accordance with the 1934 Factory Act. In Mar 2018, the index reached its highest ever level of 175.17; as of Jan 2021, it has reached its second-highest level of 175.15. Comparing the first seven months of the current fiscal year to the equivalent time in the prior fiscal year, the overall production increased by 7.85%.
The event occurs as Pakistan is still struggling to recover from the COVID-19 pandemic’s impacts, its restrictions, and the implications it had on exports in 2020.
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