Pakistan has been appreciated globally for its successful strategy to tackle the Covid-19 pandemic and at the same time reviving the economy with significant growth when leading economies are struggling to survive the fallout of the health crisis.
A report published for Forbes Magazine said Pakistan has succeeded in reviving its economy, which is expected to grow by nearly 4% in 2021, exceeding initial projections made by the International Monetary Fund (IMF) and World Bank (WB).
The State Bank of Pakistan (SBP) initially predicted growth in GDP at 3%, the IMF and WB predicted 1.5% and 1.3% increases, respectively. The country’s per capita income is expected to increase 14.6% from $1,405 in 2020 to $1,610 in 2021.
The report adds giants like United States and India have had difficulty dealing with the coronavirus pandemic. In this situation, Pakistan has succeeded in reviving its economy.
It says that the services sector, which is forecasted to grow by 4.43% in 2020-2021, plays lead role in the growth.
This is certainly remarkable for a country like Pakistan which is becoming successful in expanding its services sector. The agricultural sector’s predicted growth is 2.77%, while that of the industrial sector is 3.57%.
The report further said that Pakistan’s awareness campaign coincided with intensive vaccination drive and timely decision of imposing restrictions helped the country to control the spread of the virus that has jolted India badly.
Pakistan estimates GDP growth at 3.49 despite Covid challenges
