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World Bank projects Pakistan’s GDP growth rate at 3.4pc

11:00 AM | 8 Oct, 2021
World Bank projects Pakistan’s GDP growth rate at 3.4pc

WASHINGTON – The World Bank (WB) has lowered Pakistan’s GDP growth prospects to 3.4% for the current fiscal year as the government refocuses on mitigating external pressures and managing long-standing fiscal challenges.

The World Bank issued its twice-yearly report South Asia Economic Focus Shifting Gears: Digitisation and Services-Led Development released ahead of annual meetings of the Bank and the International Monetary Fund (IMF).

It had projected that Pakistan’s debt would peak to 90.6% of the GDP by end of the current fiscal year. However, it would slightly decline to 89.3% of the GDP in the next fiscal year 2022-23.

Inflation would be hovering around 9% in the current fiscal year, while it might recede to 7.5% in the next fiscal year 2022-23.

The government had sought a real GDP growth target of 4.8% for the current fiscal year 2021-22 against a provisional growth estimate of 3.94% for the last fiscal year 2020-21.

While the year-on-year growth remains strong in the region, albeit from a very low base in 2020, the recovery has been uneven across countries and sectors. South Asia’s average annual growth is forecast to be 3.4 percent over 2020-23, which is 3 percentage points less than it was in the four years preceding the pandemic.

The WB stated that in line with the 25-basis point policy rate hike in September 2021, fiscal and monetary tightening are expected to resume in FY22.

Output growth, therefore, is projected to ease to 3.4% in FY22, but strengthen in the South Asian country thereafter to 4.0% in FY23 with the implementation of key structural reforms, particularly those aimed at sustaining macroeconomic stability, increasing competitiveness and improving financial viability of the energy sector.

Inflation is projected to edge up in FY22 with expected domestic energy tariff hikes and higher oil and commodity prices before moderating in FY23.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 29 Feb 2024

Pakistani rupee remains stable against US dollar in the open market on February 29, 2024 (Thursday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.1 for buying and 282.35 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 352 for buying, and 355.5 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 74.3.

Today’s currency exchange rates in Pakistan - 29 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.1 282.35
Euro EUR 303 306
UK Pound Sterling GBP 352 355.5
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.3 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.11 751.11
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.69 41.09
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 907.32 916.32
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36 26.66
Omani Riyal OMR 725.68 733.68
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317.76 320.26
Thai Bhat THB 7.76 7.91

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