New Economic Survey shows record high growth of 5.97 % in FY22

ISLAMABAD: Finance Minister Miftah Ismail Thursday unveiled the Pakistan Economic Survey (PES) 2021-22 at a ceremony in Islamabad that showed a record high growth rate of 5.97 per cent against a target of 4.8 per cent.

This overall growth came on the back of 4.40pc growth in Agriculture, 7.19pc growth in Industries, and 6.19pc growth in Services against targets of 3.5pc, 6.5pc and 4.7pc, respectively.

The Pakistan Economic Survey is an annual report on the performance of the economy, focusing in particular on major macroeconomic indicators. Interestingly, this time – perhaps a first – a new government (PML-N-led coalition) is presenting the economic performance of a previous government (PTI).

Even though the country surpassed overall growth expectations as well as sector-wise growth targets, “underlying macroeconomic imbalances and associated domestic and international risks have dampened celebrations”, according to the survey document. The finance minister, while unveiling the survey, said “achieving growth was not an issue for Pakistan, the real issue is achieving sustainable growth”.

The situation in Pakistan has remained the same – whenever the country records growth it, unfortunately, gets into the crisis of current deficit,” Miftah said in a televised press conference. The same has happened this time as well, the recent 5.97% growth recorded during the outgoing fiscal year 2021-22, according to the new estimates, has pushed Pakistan towards the balance of payments and current account deficit crisis,” the finance minister lamented.