Central power generation company limited, Power station in the Guddu, Pakistan

Islamabad [Pakistan], May 26 : The statistics of the growth rate of the national economy of Pakistan during the current fiscal year released by the National Accounts Committee are shocking. The target of GDP growth rate for the current financial year was set at 5 per cent. However, the actual growth has been reported to be at 0.29 per cent, Pakistan vernacular media Dunya Daily reported.The growth target of the industrial sector was 7.4 per cent. However, the growth target of the industrial sector remained at 2.94 per cent. The inflation target for the current fiscal year was set at 11.5 per cent. However, it has reached a 55-year high of 36.4 per cent, as per the Dunya Daily report.The statistics clearly indicate that for a nation as large as Pakistan, where the population has reached close to 25 crores, a growth rate of 0.3 per cent per annum is alarming. The report said that the elite rulers need to take notice of the statistics and manage this reverse growth. In order to manage the economy, measures should be taken without delay, Pakistan vernacular media Dunya Daily report.When the statistics are compared to the growth indicators of the last financial year, the situation in Pakistan looks even more confusing. In 2022, the growth rate in industry, services, and agriculture, was between 6-7 per cent, Dunya Daily reported. However, these sectors in this year have been suffering from negative growth. In 2022, agriculture witnessed a growth rate of over 4 per cent last year. This year, agriculture achieved a growth rate close to 1.6 per cent.Meanwhile, only 16 per cent of people in Pakistan believe that their local economy is getting better, which is the lowest in the region except for Afghanistan, Dawn reported citing a Gallup survey report released this week.The survey by Gallup World Poll showcases how the unrest in Pakistan is rooted in its economic woes. The survey stated that the perceptions of corruption in Pakistan have reached a record high, living standards have plummeted and left millions of people struggling to meet their basic needs, as per the Dawn report.The survey revealed that the economic downturn is being felt hardest in Sindh. The authors Hashim Pasha and Benedict Vigers in the report said, "Except for Afghanistan, where the economy has crumbled since the Taliban's takeover, Pakistan ranks lower than all other countries in the Asia-Pacific region in perceptions of improving economic conditions."86 per cent of Pakistanis consider corruption to be widespread in Pakistan's government and 80 per cent believe that corruption in businesses has hit record highs, Dawn reported. Showcasing the connection between the recent political turmoil and economic crisis, the authors said that Pakistan's economy has seen record inflation, rising commodity prices, and significant declines in foreign investment and remittances.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Central Power Generation Company LimitedFOLLOW

Central power generation company limited, Latest News

Lahore, May 27 PML-N Senior Vice President Maryam Nawaz said it is not acceptable that a son-in-law should ... ...

Karachi, May 27 Pakistan Prime Minister Shehbaz Sharif has said that an agreement is not being reached with ... ...

Islamabad [Pakistan], May 27 : The Pakistan Supreme Court has stopped proceedings of the judicial commission on audio leaks ... ...

Karachi [Pakistan], May 27 : Karachi police investigators on Friday confirmed that two 'innocent' youths were killed by a ... ...

Islamabad [Pakistan], May 27 : Former Pakistan Prime Minister and Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on Friday appealed ... ...

Islamabad [Pakistan], May 27 : Chief of Jamaat-e-Islami-Siraj-ul-Haq has said that Pakistan is in turmoil today and there is ... ...

Kandhkot [Pakistan], May 27 : The Chief Justice of Sindh High Court took notice of the kidnapping of three-year-old ... ...

Islamabad [Pakistan], May 26 : The statistics of the growth rate of the national economy of Pakistan during the ... ...