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Economy to grow 4.1pc in 2014
ISLAMABAD: The year-end update of economic and social survey released on Thursday forecasts Pakistan’s economy to grow by 4.1 per cent in 2014 against current estimates of 3.6pc in 2013.
The survey released by the UN Economic and Social Commission for Asia and the Pacific (ESCAP) says that the consumer price inflation will be in double digit — 11pc in 2014 against the current estimates of 7.4pc in 2013.
The inflation will be at the level of 2012 when it was 11pc.
Among the 17 selected developing Asia-Pacific economies, the survey forecasts the highest inflation rate in Pakistan.
The estimated food and energy price levels in 2014 are still as high as against those recorded in 2008 during the global commodity price spikes.
Poor and vulnerable households will be disproportionately affected as they spend a higher proportion of their income on food purchases.
In South and South-West Asia, supply-side bottlenecks would keep inflation at 10pc in 2014, food prices being particularly affected.
The survey projected that growth will remain subpar in developing Asia-Pacific countries in 2014, affected by slow recovery, policy uncertainty and protectionism in developed countries, as well as domestic structural impediments, such as growing inequality.
Asia-Pacific developing economies are forecast to grow 5.6pc in 2014, up from 5.2pc this year, but lower than the 6.0pc growth earlier forecast for 2013, says the survey.
Escap reveals that the three years between 2012 and 2014 mark the first time in at least two decades that developing Asia-Pacific economies are growing at less than 6pc annually, averaging 5.4pc compared to 8.4pc during the pre-crisis years of 2002-07.
The survey suggests that many countries in the region would have to diversify their economies and sources of demand by addressing past policy inadequacies that contributed to growing structural impediments and by strengthening integration cooperation.
The survey says that there are growing concerns about possible impact on Asia and the Pacific of trade protectionist policies in the developed world due to a weak recovery of international trade and limited progress in WTO Doha Round trade negotiations.
The year-end update reiterates the need for productive public spending to promote inclusive and sustainable development, targeting the majority rural population in the region with an estimated 762 million people dependent on agriculture for a livelihood.
In most of the economies, it says, overall unemployment rates remained relatively low in 2013, but there were marked exceptions, such as Pakistan and some other countries. The youth unemployment rate was 11.2pc in Pakistan, it says.
ISLAMABAD: The year-end update of economic and social survey released on Thursday forecasts Pakistan’s economy to grow by 4.1 per cent in 2014 against current estimates of 3.6pc in 2013.
The survey released by the UN Economic and Social Commission for Asia and the Pacific (ESCAP) says that the consumer price inflation will be in double digit — 11pc in 2014 against the current estimates of 7.4pc in 2013.
The inflation will be at the level of 2012 when it was 11pc.
Among the 17 selected developing Asia-Pacific economies, the survey forecasts the highest inflation rate in Pakistan.
The estimated food and energy price levels in 2014 are still as high as against those recorded in 2008 during the global commodity price spikes.
Poor and vulnerable households will be disproportionately affected as they spend a higher proportion of their income on food purchases.
In South and South-West Asia, supply-side bottlenecks would keep inflation at 10pc in 2014, food prices being particularly affected.
The survey projected that growth will remain subpar in developing Asia-Pacific countries in 2014, affected by slow recovery, policy uncertainty and protectionism in developed countries, as well as domestic structural impediments, such as growing inequality.
Asia-Pacific developing economies are forecast to grow 5.6pc in 2014, up from 5.2pc this year, but lower than the 6.0pc growth earlier forecast for 2013, says the survey.
Escap reveals that the three years between 2012 and 2014 mark the first time in at least two decades that developing Asia-Pacific economies are growing at less than 6pc annually, averaging 5.4pc compared to 8.4pc during the pre-crisis years of 2002-07.
The survey suggests that many countries in the region would have to diversify their economies and sources of demand by addressing past policy inadequacies that contributed to growing structural impediments and by strengthening integration cooperation.
The survey says that there are growing concerns about possible impact on Asia and the Pacific of trade protectionist policies in the developed world due to a weak recovery of international trade and limited progress in WTO Doha Round trade negotiations.
The year-end update reiterates the need for productive public spending to promote inclusive and sustainable development, targeting the majority rural population in the region with an estimated 762 million people dependent on agriculture for a livelihood.
In most of the economies, it says, overall unemployment rates remained relatively low in 2013, but there were marked exceptions, such as Pakistan and some other countries. The youth unemployment rate was 11.2pc in Pakistan, it says.
itna jhoot.
