Islamabad: The World Bank (WB) on Thursday released its biannual report called the ‘South Asia Economic Focus’ that predicted that Pakistan’s economy would grow by 0.5% during (Fiscal Year) FY2020-21 — according to a news source. The report also forecasted that the country’s economic outlook would remain fragile for a period of time due to the economic impact of the coronavirus pandemic.
The report presented a slow outlook for South Asia. With regards to Pakistan, it forecasted that the domestic economic activity was expected to recover once the lockdown measures had been lifted and cases in the country started to decline. However, it is expected that Pakistan’s short-term prospects will remain relatively subdued.
While speaking at an audio conference, World Bank Chief Economist for South Asia region Hans Timmer stated that the GDP of South Asian economies did not depict the full picture, since the informal sector had also been impacted by the COVID-19 pandemic.
