The Asian Development Outlook (ADO), published by the Asian Development Bank (ADB) in April 2017, projected Pakistan’s GDP growth to be 5.2 percent for fiscal year 2016-17.
Later, the Ministry of Finance revealed that the GDP growth had edged up to 5.28 percent, the highest in the last 9 years.
As per the report published by ADB on Thursday, the growth in services, construction industry, and the resurgence of agriculture along with a solid private consumption throughout the year have all contributed heavily to the revival of Pakistan’s GDP.
The international lender has projected a growth of 5.5 percent for Pakistan in 2017-18, whereas for South Asia, as a whole, the ADO is confident of meeting the growth benchmarks of 7 percent for 2017 and 7.2 percent for 2018.
A surge in export demand in the first few months of 2017 has kept everything on track regarding the economic outlook of South Asia. The report has also raised the bar for the economic outlook, with a cautious 5.7 to 5.9 percent for 2017 and 5.7 to 5.8 percent for 2018, keeping in mind the target of a sustainable export push.
Remarks of Chief Economist for ADB
The Chief Economist for ADB, Yasuyuki Sawada, is quite happy with the economic outlook of Asia and stated that
Developing Asia is off to a good start this year with improved exports pushing growth prospects for the rest of 2017.
Despite lingering uncertainties surrounding the strength of the global recovery, we feel that the region’s economies are well placed to face potential shocks to the outlook.