Pakistan economic crisis: The economy of Pakistan, which is facing economic crisis, is going through a difficult phase. The government of Pakistan has projected the economic growth rate of Pakistan to be only 0.29 percent and inflation to reach around 29 percent in the financial year 2022-23.
Pakistan’s Finance Minister Ishaq Dar expressed this possibility while presenting the economic survey for the financial year 2022-23 on Thursday (June 8). In this survey, an account of the government’s achievements in the financial year ending June 30 has been presented amid political instability and severe floods in Pakistan.
far behind the target of five percent
According to the Economic Survey, Pakistan’s GDP (gross product growth) rate in the current financial year was only 0.29 percent, far behind the target of five percent. In this, the GDP growth rate was 1.55 percent in agriculture, 2.94 percent in industry and 0.86 percent in service sector.
The performance of all these three sectors has lagged far behind the target. According to the survey, inflation in Pakistan from July 2022 to May 2023 stood at 29.2 per cent, compared to 11 per cent in the same period of the previous financial year. The inflation target for the current financial year was kept at 11.5 per cent.
increase in tax collection
However, an increase in tax collection has been registered in the Economic Survey, which has also come to the fore. The Federal Board of Revenue (FBR) collected tax of Rs 5,637.9 billion from July 2022 to April 2023, which is 16.1 percent more than the previous fiscal year’s Rs 4,855.8 billion. On the other hand, the Government of Pakistan has announced that it will keep shops across the country closed after 8 pm. On this, the Prime Minister of the country had argued that 40 percent energy would be saved by this decision and Rs 1 billion would be saved every year.
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