Islamabad: The World Bank (WB) has issued a report titled “2021 Global Economic Prospects” that takes stock of the dwindling economic situation around the world in the aftermath of the coronavirus outbreak — with the report forecasting Pakistan’s growth rate at 0.5% during (fiscal year) FY2020-21, according to a news source published on January 6.
According to the WB report, Pakistan’s economic growth contracted by 1.5% during the last fiscal year, owing to the steps taken by the government to control the pandemic. Additionally, the report acknowledged the measures taken to ensure the use of formal channels for transferring remittances. It pointed out that the inflow remained robust during 2020 and that Pakistan and Bangladesh experienced double-digit growth due to the use of formal channels.
Regarding the country’s economic recovery, the report stated that Pakistan was expected to experience ‘restrained growth of 1.3% over the next two years’. It further cautioned against the limited prospects for a strong rebound in the services’ sector, as it could result in aggravated poverty.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
