Asian Development Bank (ADB): Pakistan’s economy expected to grow by 2% this year

The ADB added that development in the economic outlook would depend on an adequate coronavirus immunization campaign started by the country.

3

Asian Development Bank (ADB) - G20 InsightsPakistan’s economy is to grow by 2% this year as COVID-19 restrictions ease and business activity resumes.

This was revealed by the Asian Development Bank (ADB) in a report on Wednesday.

The ADB added that development in the economic outlook would depend on an adequate coronavirus immunization campaign started by the country.

In its Asian Development Outlook 2021 report, the bank said the growth figure could surge to 4% in 2022 if the COVID-19 vaccination rollout was successful and if economic stabilization measures were adequately implemented.

Revamping Pakistan's economy in 2020

“It’s vital for Pakistan to continue to fight the pandemic by rapidly deploying vaccines and maintaining reforms to support economic recovery, including strengthening social protection and promoting the private sector,” the bank’s acting country director for Pakistan, F. Cleo Kawawaki, said. 

The report said Pakistan’s industry seemed poised for robust growth led by manufacturing and construction, while services were also expected to bounce as retail and trade picked up.

It added that inflation was projected to come down to 8.7% during the year, partly reflecting a likely improvement in the food supply, subsidies for wheat and sugar, and closer price monitoring of essential commodities.

The bank maintained that solid support for small and medium-sized enterprises (SMEs) was needed to stimulate growth and guarantee jobs for young people joining the labor market.

“Improving access to finance for small and medium-sized enterprises is crucial to unlocking business opportunities and stimulating new jobs,” Kawawaki continued. 

The bank said licensing and registration methods needed to be simplified to promote the flow of informal SMEs into the formal sector.

It added that digitalization could also extend access to financial services and export markets.

What are your views on this? Share with us in the comments below.

  • let’s hope there are major changes like an increase in production and decrease in imports and services

  • WHile the population grows by 2.2%….means we will all become poorer by 0,2% again this year under PTI jokers. Your claims of reducing PM house expense and President hosue expense means NOTHING as we will all become poorer. Even if the budget of PM house becomes 1 rupee a year it has no effect Economic growth

  • Pakistan economy is finally picking up, after the slow or negative growth due to PML-N’s disastrous policy which moved Pakistan into a kind of debt trap.


  • Featured Content⭐


    Most viewed in last 24 hours


    24 گھنٹوں کے دوران 🔥


    >