Finance Minister Shaukat Tarin: Pakistan Expects 5% Growth In 2022 & More Than 6% in 2023

Revamping Pakistan's economy in 2020Pakistan could anticipate 5% growth in the fiscal year 2022 and more than 6% in 2023 at its current pace of economic growth.

This was revealed by the Minister for Finance, Shaukat Tarin, on Sunday.

The minister added that “price stability” was the topmost priority of the Prime Minister, Imran Khan.

Pakistan economy poised to bounce back, KSE-100 to hit 52,000 points by 2021 - Business & Finance - Business Recorder

Tarin was speaking at a press conference in Islamabad to provide details of several innovative actions and proposals that are part of his financial policy.

“What’s in that entire plan? The main thing is price confidence,” Tarin informed reporters, saying the authorities’ focus would now be on giving people much-needed support by decreasing the prices.

“It’s the prime minister’s word to the people that the prices will be decreased.”

In late March, the premier dismissed then-finance minister Abdul Hafeez Shaikh as part of a cabinet shake-up intended at making policies to restrain “accelerating inflation.”

“We’ve to pursue comprehensive and sustainable financial growth,” Tarin said.

“There should be comparable growth for everyone. This includes the rich, the poor, and the middle class.”

Economic indicators point towards recovering economy in 2021

On Friday, the South Asian country’s planning ministry assessed provisional GDP growth for the 2020-21 financial year at 3.94%, almost double the predictions from the International Monetary Fund (IMF).

Tarin added that the 3.94% figure gave “hope that if we proceed ahead towards growth then perhaps next year, we might have 5% growth and more than 6% the next year after that.”

Meanwhile, the finance minister also discussed about Pakistan’s status with regards to the FATF (Financial Action Task Force), which in 2018 put Pakistan on a grey list for ‘failing terror funding controls’.

The South Asian country needs to meet 27 action points to be discarded from the list.

According to Tarin, only one condition is left to be fulfilled now.

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

  • As per previous record of predictions about this govt econmic growth, I think it might be more than 6% even.

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