Pakistan’s gross domestic product (GDP) growth is projected to recover modestly to 1.9% in fiscal year 2023-24 from 0.3% in FY2023, with price pressures remaining elevated, the Asian Development Bank (ADB) said in a report released on Wednesday.The ADB outlook has been revised slightly downwards from the 2% growth rate it saw in April. However, the Bank also warned that significant downside risks to Pakistan’s economic outlook in FY24 remain, including from global price shocks and slower global growth. According to the Asian Development Outlook (ADO) September 2023, Pakistan’s adherence to an economic adjustment programme through April 2024 will be critical to restoring macroeconomic stability and the gradual recovery of the country’s growth.

Credit: Independent News Pakistan (INP)