The provisional estimate for the FY21 growth of 3.94 percent released by the National Accounts Committee (NAC) yesterday denotes a strong economic recovery that has been underway since the beginning of this fiscal year.
This was also highlighted in the recent monetary policy statements and quarterly reports of the State Bank of Pakistan (SBP).
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The central bank had raised its own growth forecast in March on the basis of buoyant economic activity reflected in different high-frequency data. This had been done in an appropriately conservative manner while noting the upside risks to growth.
The data received since then and discussed in the NAC suggests that these upside risks have materialized. However, unnecessary apprehensions about the deliberations that took place in the NAC yesterday and the SBP‘s views are also being highlighted in certain sections of the media.
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These deliberations were routine and technical in nature and had, as always, helped to clarify the basis for the provisional estimate. The estimate released was approved unanimously and has the full backing of the SBP.
