Economies all over the world have suffered immensely due to the pandemic. A concern for any economy should be the growth of their industries. But what to do when all the industries are at a standstill/closed? Ever since lockdowns were initiated, every country thought long and hard about how to stabilize their economy amidst the pandemic. Every country came up with its own strategies to bring its economy back up and Pakistan has been doing well during the pandemic, though the process has been slow. This is a very promising sign that the economy is on its right track. The GDP growth rose from 3.97% to 5.37%.
Economy: A priority in NSP
Prime Minister Imran Khan said that Pakistan is determined to achieve 5.37% GDP in the current year despite the pandemic and this would be a great achievement. All the efforts are made to improve the economy. As discussed in the National Security Policy, the economy is on priority.
I want to congratulate my govt on achieving GDP growth of 5.37% in 3 yrs leading to substantial jobs creation & rise in per capita income. Our econ reforms success recognised internationally. Bloomberg predicted Pak will sustain high growth trajectory & employment levels. pic.twitter.com/zC0oXGKr8M
— Imran Khan (@ImranKhanPTI) January 21, 2022
Fastest growth recorded
The Minister for Planning and Development Asad Umar said that the economy is doing well through Covid although global inflation is on the rise. Stating the growth for the last year, he said, “This is the fastest growth recorded for the second time during the last 14 years in the country. This indicates an excellent performance of the national economy as Pakistan remained among the top three economies of the world, which showed phenomenal progress during the pandemic.”
NAC approved revised estimate of GDP growth for 2020-21 . The growth in 2020-21 was 5.37%. This is the 2nd highest growth in last 14 years. Higher growth versus provisional estimates which were based on jul-mar numbers, was mainly due to very strong industrial growth in apr-jun.
— Asad Umar (@Asad_Umar) January 20, 2022
The Minister for Energy Hammad Azhar said that the economy is on a road to sustainable growth. The exports, remittances, and foreign reserves showed progress. The country’s exports not only grossed $30 billion which was a milestone to achieve, but the remittances would be above the said bar.
Made the assessment on 7th April 2021 that economic growth will beat all forecasts. As per final figure, the economy grew at 5.37% last year.
'Pakistan's economy will grow faster than 2021 forecast, says Hammad Azhar'https://t.co/CWDpntlrUd
— Hammad Azhar (@Hammad_Azhar) January 20, 2022
The following sectors showed progress:
- Auto sector: went from 9.29% to 15.27%
- Natural gas: The production of gas went from 255 trillion cubic feet to 1.279 trillion cubic feet
- Crude Oil: the production of crude oil went from 2 million barrels to 27.6 million barrels
- Coal: The production increased from 8.5 million tons to 8.95 million tons
- Wheat: achieved production of 27.5 million tons against the target 27.3 million tons
- Potatoes: achieved production of 5.9 million tons against the target 4.5 million tons
The per capita income increased from $1447 to $1666.
It is a good sign that Pakistan is on the right track. For sustainable growth, poverty alleviation, growth of our industries especially the Import/Export sector. The right decision, hard work, and determination will lead us to achieve the targets and goals. We hope that with the collective effort we will be able to achieve the milestones.