The neighboring country Pakistan is facing many problems these days. On one side there is political crisis and on the other side there is serious economic crisis (Pakistan Economic Crisis). The situation is such that Pakistan is now just a few steps away from bankruptcy. The biggest sign of this is that the rate of inflation in Pakistan has now become 100 times compared to the economic growth rate (Pakistan GDP Growth Rate).
Information found in the economic survey
According to a news from the news agency PTI, the economy of Pakistan, which is facing cash crisis, is going through a difficult phase. In the financial year 2022-23, Pakistan’s economic growth rate was only 0.29 percent, while inflation reached almost 29 percent. Pakistan’s Finance Minister Ishaq Dar gave this information on Thursday while presenting the economic survey for the financial year 2022-23.
Financial year starts from July
In this survey, an account of the government’s achievements in the financial year ending on June 30 has been presented in the midst of political instability and unprecedented floods. The fiscal year in Pakistan starts from July every year and continues till June the next year, while most countries of the world including India follow the fiscal year from April to March.
Growth rate far behind target
According to the Economic Survey, Pakistan’s GDP 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.
Inflation has become almost 3 times
According to the survey, the rate of inflation in Pakistan from July 2022 to May 2023 was 29.2 percent, while it was 11 percent in the same period of the previous financial year. The government had set an inflation target of 11.5 percent for the current financial year. Although it is a good thing that Pakistan’s tax collection has increased. The Federal Board of Revenue collected tax of Rs 5,637.9 billion from July 2022 to April 2023, which is 16.1 percent higher than Rs 4,855.8 billion in the previous fiscal year.
Market will close at 8 o’clock
Pakistan’s deteriorating economy can be gauged from some other things as well. In view of the deteriorating conditions, Pakistan has decided to close the markets after 8 pm. This decision of the government is to reduce the consumption of electricity. At the same time, Pakistan has given the iconic Roosevelt Hotel located in New York, America, on rent. Pakistan has earned 220 million dollars from this.
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