ghazi52
PDF THINK TANK: ANALYST
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Pakistan’s economy remains on a relatively “robust recovery path”, the United Nations has said in its flagship World Economic Situation and Prospects (WESP) report.
“After an economic expansion of 4.5 percent in 2021, GDP growth is projected at 3.9 percent in 2022, driven by private consumption, record-high remittances, and fiscal support,” according to the annual report.
Overall, the report shows that the rapid spread of the Omicron COVID-19 variant has put the brakes on a rapid world recovery, counteracting signs of solid growth at the end of last year.
Produced by the UN Department of Economic and Social Affairs (DESA), the report cites a cocktail of problems that are slowing down the economy, namely new waves of COVID-19 infections, persistent labor market, lingering supply-chain challenges, and rising inflationary pressures.
The slowdown is expected to carry on into next year. After an encouraging expansion of 5.5 percent in 2021 – driven by strong consumer spending and some uptake in investment, with trade in goods surpassing pre-pandemic levels – global output is projected to grow by only 4.0 percent in 2022 and 3.5 percent in 2023.
“After an economic expansion of 4.5 percent in 2021, GDP growth is projected at 3.9 percent in 2022, driven by private consumption, record-high remittances, and fiscal support,” according to the annual report.
Overall, the report shows that the rapid spread of the Omicron COVID-19 variant has put the brakes on a rapid world recovery, counteracting signs of solid growth at the end of last year.
Produced by the UN Department of Economic and Social Affairs (DESA), the report cites a cocktail of problems that are slowing down the economy, namely new waves of COVID-19 infections, persistent labor market, lingering supply-chain challenges, and rising inflationary pressures.
The slowdown is expected to carry on into next year. After an encouraging expansion of 5.5 percent in 2021 – driven by strong consumer spending and some uptake in investment, with trade in goods surpassing pre-pandemic levels – global output is projected to grow by only 4.0 percent in 2022 and 3.5 percent in 2023.
