Islamabad: The Asian Development Bank (ADB) projected that the country’s growth will be 4% in the Fiscal Year 2022 (FY22) after business activity slowly resumes in the second year of COVID-19, according to news published on Wednesday (September 22).
As per the Asian Development Outlook 2021 Update, economic growth anticipates recovery in private investment as business activity and consumer confidence increase because of several economic stimulus measures announced in the budget, and a firm vaccine rollout. Further, the investment is expected to increase due to the execution of the International Monetary Fund (IMF)-supported programmes and improving global sentiment.
ADB predicted growth in the agriculture sector, mainly because of the government’s Agriculture Transformation Plan. It was also reported that the increased growth in industry and agriculture and expected increase in domestic demand were anticipated to raise growth in the services sector.
According to the ADB report, the revenue growth is forecasted to increase as the domestic economic activity and imports improve. It was disclosed that the expenditure is predicted to rise in FY22 due to the budgeted increases in development spending and subsidies.
Moreover, it is expected that the export growth will accelerate with the help of the projected upturn in economic activity. It was also revealed that the remittances will remain high supported by the Roshan Digital Accounts programme, which will help in reducing the current account deficit.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
