Pakistan likely to hold economic growth: ADB

Published June 19, 2020
With the impact of Covid-19 on South Asia becoming clearer, the economic outlook is grim. — AFP/File
With the impact of Covid-19 on South Asia becoming clearer, the economic outlook is grim. — AFP/File

ISLAMABAD: The Asian Development Bank said on Thursday that Pakistan is likely to hold economic growth to a projected 2 per cent in fiscal year 2021 once the Covid-19 impact subsides and the country resumes its efforts to address macroeconomic imbalances and initiate structural reforms.

In a supplement to the ‘Asian Development Outlook’ focusing on lockdown, loosening, and Asia’s growth prospects, ADB says Pakistan’s economy was on the path to recovery before Covid-19 and a national lockdown initiated in April. It is projected to contract by 0.4pc in fiscal year 2020, ending June as the outbreak further restricts economic activity.

With the impact of Covid-19 on South Asia becoming clearer, the economic outlook is grim. After the introduction of lockdowns in late March, economic activity in South Asia has stalled. While the pandemic continues to spread throughout the sub-region, containment measures have started to ease, and economic activity has resumed somewhat in many countries in the sub-region since late May.

Published in Dawn, June 19th, 2020

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.