The World Bank has revised Pakistan’s growth rate upwards to 5.2pc for fiscal year 2017-18 and 5.5pc for 2018-19.
It previously estimated growth in Pakistan’s gross domestic product (GDP) at 5pc and 5.4pc for FY 16-17 and FY17-18, respectively, a private news channel reported.
The report ‘Global Economic Prospects; weak investment in uncertain times’, states that the uptake in activity was spurred by a combination of low commodity prices, increasing infrastructure spending, and reforms that lifted domestic demand and improved the business climate.
In Pakistan, growth is forecast to accelerate from 5.5pc in the fiscal year 2018-19 to 5.8pc in the fiscal year 2019-20, reflecting improvements in agriculture, infrastructure, energy and external demand.
The report further mentioned the successful conclusion of the IMF Extended Fund Facility (EFF), aimed at supporting reforms and reducing fiscal and external sector vulnerabilities, lifted consumer and investor confidence.
The China-Pakistan Economic Corridor (CPEC) project is also tipped to increase investment in the medium-term, and alleviate transportation bottlenecks and electricity shortages.