The Asian Development Bank (ADB) said on Friday that the medium-term outlook for Pakistan’s economy looked good, and the economy was expected to post a robust growth during the current fiscal year 2005-06.
The Pakistan Economic Update prepared by the Pakistan Resident Mission of ADB provides an analysis of economic trends in Pakistan during the first three quarters of the fiscal year, and presents an outlook of the economy for the whole year.
“The medium term outlook for the Pakistani economy looks good and although economic growth decelerated in the first half of 2005-6, the economy is expected to still post robust growth for the full year,” said ADB Country Director Peter Fedon. The update notes the significant recent decline in poverty as estimated by the government. It also discussed recent poverty in the country and how to reduce public expenditure.
The ADB report highlights that the outlook for the economy was encouraging. Economic growth, although less than last year, remains at a healthy rate of 6 to 6.5 percent in 2005-6. The growth in agriculture sector is expected to be sluggish, due to the smaller cotton and sugarcane crops as is the growth of the livestock sub-sector.
However, the large-scale manufacturing sector is projected to grow at a robust rate of 10 percent, as indicated by the sharp increase in imports of raw materials and rapid growth in private sector credit. In the services sector, telecom services, banking and trade are expected to sustain high growth in 2005-06. Courtesy: APP
posted by S A J Shirazi @ 6/04/2006 09:26:00 PM,
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