Economic survey review

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Quraitulain Qureshi : The writer is a content writer for the past 3 years and has done her BS (Journalism) and MA(IR).

Challenges despicable myriad Pak’s economy is moving progressively on higher inclusive and sustainable growth path on the back of various measures and achievements during the year. Big achievements highlighting the economic performance during FY2021 are below: Pak was implementing stabilization policy, post crisis of 2017-18 and the economy was recovering from macroeconomic imbalances but pandemic slowed down the pace ,which was recovered initially but the advent of 2nd and 3rd wave brought significant challenges which were met by the timely prudent policies,Pandemics are once-in-a-century event that devastate global economies and Pakistan did much better in coping up with the pandemic compared to many countries. The Government took several important policy decisions: monetary and fiscal measures, smart lockdowns, rapid vaccination etc. National Command and Operating Centre as a single organization was made responsible to take key decisions in collaboration with the provinces. Situation was put under control due to the government’s timely decision making; numbers of daily pandemic cases are presently on a declining trend. The working population was 55.74 million prior to the pandemic. This number declined to 35.04 million which indicates people either lost their jobs or were not able to work. Due to prudent decisions by the government, the working population reached 52.56 million till 2020October, the economy has witnessed a V – shaped recovery. The current economic recovery has been achieved without compromising internal and external stability. Manufacturing has witnessed broad-based growth as major sectors of LSM have shown
Significant improvement in Textile, Food Beverages & Tobacco, Non-Metallic Mineral roducts and Automobiles. First nine months of Fiscal year recorded highest period wise growth of 8.99 percent since FY2007. Current account posted a surplus of $ 0.8 billion, during July-April, FY2021 for the first time in 17 years, the Inflows of foreign exchange through the Roshan Digital Account crossed the $1 billion mark. During July-April FY2021, workers’ remittances posted a historically high growth of 29% and reached to $ 24.2 billion. SBP’s foreign exchange reserves rose to $16 billion, four-years high. Keeping in view the significant performance pertaining to FATF conditions, potential of exports and e-commerce, Pak has been added into Amazon’s seller list. FBR tax collection has witnessed a significant growth of around 18 percent during July-MayFY2021 owing to the revival of domestic economic activity and ongoing comprehensive tax policy and administrative reforms.
Primary balance remained in surplus at 1.0 percent of GDP, highest level through the first three quarters in 12 years. On 27th May 2021, PSX witnessed an all-time high daily trading volume with 2.21 billion shares traded in a single session.
Due to its impressive growth the Pak Stock Exchange earned the title of being the best Asian stock market and fourth best-performing market across the world in 2020.Profile of domestic debt has improved significantly during the tenure of the present government as short-term debt as percentage of total domestic debt has decreased to 23 percent at end March, 2021 compared with 54 percent at end June, 2018.Over 80 percent of the net borrowing from domestic sources was through medium- to-long term domestic debt instruments (Pakistan Investment Bonds & Government Ijara Sukuk) during first nine months of FY2021. pakistan has entered the international capital market after a gap of over three years by successfully raising $ 2.5 billion through Eurobonds.The policy rate remained unchanged at 7.0 percent which improved business sentiments and thus stimulating economic activities enabling employment to recover. During July-February FY2021, the two gas utility companies (SNGPL & SSGC) have laid 143 Km gas transmission network, 2,616 Km distribution and 886 Km services lines and connected 70 villages/towns to the gas network. During the same period 304,573 additional gas connections including 303,243 domestic, 1,020 commercial and 310 industrial connections were provided across the country, installed capacity of electricity increased to 37,261 MW during July-April FY2021 compared tosame period last year, showing an addition of 1,289 MW. Likewise, its generation increased to 102, 742 GWh showing an additional generation of 6,360 GWh during the period under discussion. The share of Industry in electricity consumption has increased to 26.3 percent in July-MarchFY2021 as compared to 25.5 percent in the same period last year. Cellular mobile subscribers (number of active SIMs) in Pakistan have reached 182 million at the end of March, 2021 compared to 167.3 million by the end of June, 2020 showing an increase of 8.6 percent in nine months of FY2021.At the end March, 2021 broadband (BB) subscribers reached to 100 million. The total BB penetration
in Pakistan stood at 47.6 percent in March, 2021 registering an increase of about 19.7 percent as compared to the end of March, 2020.Under Ehsaas Programme, Rs 179.3 billion has been disbursed. Approximately 14.8 million families have benefited from the programme. World Bank recognizes Ehsaas Emergency Cash among top 4 social protection interventions globally in terms of number of people covered. Under Kamyab Jawan Youth Entrepreneurship Scheme, Rs 8,566 million has been disbursed tillApril, 2021 to the youth for various businesses.The 10 billion Tree Tsunami programme has achieved plantation of approximately 350 million plants during July-March FY2021 and about 100,000 daily wagers have been employed till March, 2021. Cumulatively, over 800 million plants have been regenerated /planted in the last two years. IMF has acknowledged that the government policies have been critical in supporting the economy and saving lives and livelihoods. The IMF and Pakistan have announced the resumption of stalled $ 6 billion loan programme. During the year, all three major credit rating agencies, Moody’s, Fitch and Standard & Poor’s, reaffirmed their sovereign credit Ratings for Pakistan. This reaffirmation is reflective of the sound policies of the Government and of the confidence reposed by these leading international institutions in the country’s economic outlook.
The overview of Pakistan Economic Survey 2020-21 contains three subsections Global Economic Review, Pakistan Economic Review and Executive Summary. The Global Economic Review briefly examines the state of the global economy and its prospects, the sub-section emphasizes notable economic successes and events at global level. It also discusses the challenges that may have an impact on the global growth projection. The second subsection, Pakistan Economic Review, presents a comprehensive analysis of the current fiscal year’s economic performance and major achievements across different sectors. The last sub-section, concisely presents a summary of all sixteen chapters included in the Economic Survey. Thus, it provides readers with a bird’s eye view of the domestic economic situation, prospects, achievements and challenges across different sectors of the economy during the current fiscal year.

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