Islamabad, 9 October 2021 (TDI): After showing little progress for a while, Pakistan’s economic growth once again sliding downwards. The World Bank, in its latest forecast, has highlighted some of the negative risks that the government should take care of.
The World Bank has suggested that if the Pakistani government implements structural reforms. The growth rate could improve slightly next year. Here government needs to step up its efforts. Potential delays in the International Monetary Fund (IMF) process could put further strain on the country’s economy.
Pakistan has so far avoided major COVID waves, otherwise, the situation could have been much worse. However, it is disappointing that Pakistan finds its place in one of the lowest levels of growth stage in the South Asian region. Pakistan’s competition is declining, and financial performance is often questioned. It is particularly related to the energy sector damaged by circulating debt. A Pakistani citizen cannot afford the increase in domestic road power and high prices for oil and goods.
At least two layers need immediate attention: a reduction in current account shortages, and an increase in exports with a corresponding reduction in imports. Pakistan needs concrete solutions.