Tag: Growth

KARACHI - Expressing "cautious optimism" over a stable rupee and comfortable external accounts despite foreign funding drying up sharply, the State Bank of Pakistan (SBP) reiterated on Friday that the country's gross domestic product (GDP) growth would range between two and three percent for the current fiscal year.
Concerned over what it called a "disheartening outlook" on inflation, the central bank expressed fears that despite a marginal ease in its Fiscal Year 2011 (FY11)

LAHORE - Following the record-breaking 14.5 percent surge in the volume of exports in 2010; world trade growth should settle to a more modest 6.5 percent expansion in 2011. The sharp rise in trade volumes last year enabled world trade to recover to its pre-crisis level, but not its long-term trend and WTO economists believe a recent series of important events around the world lend to a greater degree of uncertainty to any forecast.
"The figures show how trade has helped the world

ISLAMABAD - Forecasting a regional gross domestic product (GDP) growth of 7.8 percent in 2011, the Asian Development Bank (ADB) has warned that Pakistan's anticipated low GDP growth rate of 2.5 percent in the current fiscal year could significantly increase the number of poor in the country.
Addressing a briefing at the launch of ADB's flagship annual economic publication, the Asian Development Outlook 2011 on Wednesday, ADB Country Director Rune Stroem said Pakistan needed at

KARACHI - Pakistan Mercantile Exchange Limited (PMEX), the country's de-mutualised commodity exchange has seen trading volumes continuing to hit historic highs. The exchange now plans to further expand in the commodities listed at the Exchange during the current financial year.
The PMEX management indicates that the new items to be listed on the commodity market by the year's end will include sugar, wheat, maize, basmati rice and currency futures. Currently, trading on the PMEX

DUBAI - The economy of Dubai, whose financial woes rattled world markets in late 2009, is tipped to grow over the next two years on the back of robust economic activity in Asia, economists have stated.
"We're quite bullish" about economic growth in the Gulf emirate, a big-spending boomtown before its debt crisis, said Farouk Soussa, chief economist at Citibank. "This year, we expect growth to be at 4.5 percent. We expect growth in 2012 to be at 6.3 percent," Soussa told

KARACHI - Being cheered by strong growth in exports during eight months of the current financial year, the country's economic managers also may like to keep an eye on the shipping freight on exports that fluctuates in accordance with international oil prices.
It is feared that increasing political unrest in the oil-rich Middle Eastern and North African (MENA) region will give impetus to rising international oil prices with Brent crude and New York light sweet crude standing,

ISLAMABAD - The potential of growth and development of a country is linked to the extent of investment, urbanisation and industrialisation, while revival of the Pakistan economy hinges on performance of its industry and its forward and backward linkages. This was stated by Islamabad Chamber of Commerce and Industry (ICCI) Vice President Muhammand Tauseef Zaman, while addressing a business community at ICCI on Saturday.
The continued dismal performance in industrial growth in

LONDON - Britain cut its economic growth forecast, on Wednesday, and said inflation would remain above target this year and next in a budget that stuck to ambitious deficit-busting goals. Seeking to support a faltering economy, Finance Minister George Osborne said corporation tax would be cut by two percentage points to 26 percent from April, rather than by just the one point originally planned. A levy on banks would be increased to help pay for it. Osborne also announced a surprise

ISLAMABAD - The Export Processing Zones Authority (EPZA) has done tremendous job as the Authority has shown a record growth of 69 percent between July 2010 and February 2011 as compared to July 2008 and February 2009, said Ministry of Industries and Production Secretary Abdul Ghaffar Soomro. Soomro in a statement on Thursday lauded the EPZA's efforts in the enhancement of exports which will work towards the recovery of the national economy.
He asserted that the management of

ISLAMABAD - Despite an alarming energy deficit, the production of Large Scale Manufacturing (LSM) grew by 1.03 percent during the first seven months of the current year compared to the same period last year.
The overall Quantum Index Numbers (QIN) of LSM stood at 200.63 points during July-January (2010-11) as compared to 198.59 points in July-January (2010-11) last year, according to data of Federal Bureau of Statistics (FBS).
The QIN shows industrial productivity of 100

LAHORE - Plastic, print and packaging industries are among the leading sectors in the economy of Pakistan, possessing a high growth potential. The government should promote these sectors as they can generate jobs and business opportunities. These views were expressed by participants of the seventh international plastic, printing and packaging industry exhibition held at the Expo Centre. The three day exhibition, which started on March 12 and concluded on Monday, brought over 200

ISLAMABAD - Bringing about economic reforms to overhaul the existing system is the way forward to ensure sustainable economic growth in the country, the economic managers believe.
There is need to bring about changes at many levels if the country has to grow on sustainable grounds, they said. They added that the first step towards this direction could be the change in mindset for accepting innovations and giving up illogical reasoning for accepting or rejecting ideas.
The

TOKYO - Last week Prime Minister Naoto Kan was in a precarious position as his approval ratings tumbled, his foreign minister resigned and funding bills for a $1.1 trillion budget were at an impasse.
Such issues have been put on the back burner after the government was confronted by the strongest earthquake on record ever to hit Japan and the subsequent tsunamis it unleashed, now set to claim well in excess of 1,300 lives.
The impact of the 8.9-magnitude quake may now

DASKA - Local and export purchase orders for cricket goods and garments industry such as green cricket shirt, trouser, team bats, batting gloves, pads and cricket balls have massively increased in Cricket World Cup 2011, said Director of Malik Sports Malik Zahid.
Three famous Pakistani brands MB, CA and AS have captured 60 percent of total world cricket goods market. He said that Pakistan produced around half a million batting pads and gloves annually - out of which around 0.2

KARACHI - Pakistan sustained momentum on exports crossing the $2.0 billion mark in the last three months, a trend which continued in February 2011. Cumulative value of exports for the period July-February 2011 was $15.386 billion against $12.303 billion registering a growth of 25 percent over the same period last year. According to sources, the country's exports during February 2011 were valued at $2.16 billion, which was 42.1 percent higher than the level of $1.52 billion during

LAHORE - Despite the massive influx of inexpensive Chinese furniture in the markets, Pakistani handmade furniture is still admired among masses for its customary designs, durability and quality. This was stated by Kalamkaar Chief Executive Qais ur Rehman, while he was speaking to Pakistan Today, in an exclusive interview. Rehman asserted that the entry of Chinese furniture in Pakistani markets has formed an atmosphere of competition, which is healthy for the overall growth of

LAHORE - The Planning Commission (PC) of Pakistan is forming a much-needed economic growth strategy by focusing on economic discipline and productivity. The strategy, being evolved, would be an agenda of change and would not be a mere policy.This was stated by the Planning Commission of Pakistan Deputy Chairman Dr Nadeemul Haq, while speaking at a dialogue on economic growth challenges for Pakistan, arranged by the Lahore Chamber of Commerce and Industry (LCCI) on Saturday.
LCCI