March 29, 2024
1 min read

Pakistan’s Growth Hits Snag, Slows to 1%

The slow growth rate also emphasises the negative impacts of the prolonged contraction policies that have also caused high unemployment…reports Asian Lite News

Pakistan’s economic growth rate has slowed down to just 1 per cent in the second quarter of this fiscal year because of the poor performance of the industrial and services sectors, local media reported.

The slow growth rate also emphasises the negative impacts of the prolonged contraction policies that have also caused high unemployment, The Express Tribune reported.

The overall economic growth rate during the second quarter (October-December) of the current fiscal year remained at 1 per cent, according to the country’s National Accounts Committee (NAC).

The government body responsible for finalising the national accounts noted that the industrial sector contracted 0.84 per cent during the second quarter against the same period a year ago, The Express Tribune reported.

The services sector was almost flat at 0.01 per cent growth.

The country’s population is increasing at a pace of 2.6 per cent annually, and any growth rate below this means that the country saw a surge in poverty, unemployment and malnourishment.

It has been under the IMF programme for a long period and is implementing tight fiscal and monetary policies.

The growing inflation has also taken a heavy toll on the businesses as well as the people, limiting their ability to purchase goods.

ALSO READ: Chinese Companies Halt Dam Projects in Pakistan

Previous Story

Chinese Companies Halt Dam Projects in Pakistan

Next Story

Millions of Pak women are crippled by early marriages

Latest from -Top News

India Tightens Checks on Chinese Imports

India has ramped up monitoring of Chinese imports amid growing concerns of cheap goods being redirected into the Indian market following the United States’ steep tariff hike on Chinese exports. Commerce Secretary

Economists Warn of Impending US Recession

Leading global brokerages and economists are sounding alarm bells over the likelihood of a US recession, following the Donald Trump administration’s announcement of sweeping reciprocal tariffs on foreign imports. JPMorgan Chase &

Trump tariffs send world markets into panic

US benchmark crude oil shed $2.70 to $64.25 a barrel after major oil producers announced they plan to increase production. Brent crude, the international standard, was down $2.63 at $67.51 a barrel
Go toTop

Don't Miss

Imran Seeks IMF Election Audit Before New Loan

Former PM Imran Khan warned that the loan would lead

Pakistan heading towards another political crisis

There is an understanding in Pakistan that whoever rules Punjab,