According to a commentary article published by Pakistan’s “Business Record” on January 7: Pakistan’s economy has stabilized and rebounded in 2019. The exchange rate of the rupee against the US dollar has stabilized at 155:1, and tax revenue is expected to reach 735 billion rupees. A new high, with the original deficit falling to 0.6% of GDP in the 2019/20 fiscal year from 3.5% in the 2018/19 fiscal year. In the first five months of the new fiscal year, imports fell by 21% year-on-year, exports increased by 5% year-on-year, and the current account deficit shrank by 73%. But what cannot be ignored is that Pakistan’s real economy was still not out of trouble last year. The inflation rate soared to 13%. The output value of large-scale manufacturing fell by 6.5% in the first four months of the new fiscal year. 9 of the 15 key industrial categories were counted. The category shows a negative growth trend. Insufficient cotton production affects the development of the textile industry. At the same time, the transportation, retail, and construction industries develop slowly. GDP growth in 2019 is expected to be 2%, the number of unemployed people will reach approximately 1 million, and 9 million people will live below the poverty line.
In 2020, the Pakistani government should focus on economic development, prioritize the China-Pakistan Economic Corridor project, accelerate the implementation of major projects such as affordable housing construction, and continue to optimize the business environment , attract investment, stimulate exports, and stimulate economic development vitality. Increase international financing, maintain the stability of the rupee exchange rate, and stabilize the steady recovery of the economy. At the same time, we will continue to implement the IMF cooperation plan, enhance the positive expectations of the international community, strengthen government governance, and achieve high quality, low inflation, and sustainable development.
