Last Updated on: 23rd July 2023, 12:29 am
In a certain twist of events, Federal Energy Minister Hammad Azhar, who was also finance minister for a short time, said the growth rate of Pakistan’s gross domestic product (GDP) is projected to increase 6% by 2023.
In a press conference in Islamabad, he said on Wednesday that resistance is freezing due to the country’s rapid growth.
The Former Federal Minister called on the multi-party resistance not to cheat the majority anymore, as the agreements made during the residences of the resistance groups destroyed the country’s economy.
Also Read: Finance Minister expects GDP growth of 6% in fiscal year 2022-23, If the similar pace continues
He said the PTI government is taking various effective measures to control the growing swelling in the country.
“On Friday, the Annual Plan Coordinating Committee (APCC) had the Federal Public Sector Development Program (PSDP) spending 900 billion on development and special initiatives,” Asad Umar said at a press conference in Islamabad.
Given the higher 5.4 percent growth during the last administration, the minister said the country’s current record deficit (CAD) this year was around $20 billion, or 6 percent of total GDP.
On the contrary, he said during the current fiscal year the current record would see a smaller surplus, while within a year the CAD would remain at $2.3 billion, or 0.7 percent of GDP.
Also Read: Moodys says Pakistan sees strong long-term GDP growth
Asad Umar said 3.94% GDP growth this year depends on useful areas, however, during the last administration the rate of growth was load-driven which was not a strong signal for any economy.
