Pakistan’s GDP growth target for FY10/11 at 2.4 per cent

[Lankan Ranger]

Pakistan’s GDP growth target for FY10/11 at 2.4 per cent

Pakistan’s Finance Ministry said on Tuesday an economic growth target had been revised down to 2.4 per cent for the 2010/11 (July-June) fiscal year, compared with an original target of 4.5 per cent.

The GDP growth target was lowered to 2.5 per cent following floods last year, which caused about $10 billion in damage. The central bank has projected GDP growth to be between two and three per cent for the year ending on June 30. GDP growth was 4.1 per cent in fiscal year 2009/10.

The new figure was published after a meeting of the Monetary and Fiscal Coordination Board, which also included the country’s finance minister and the governor of the State Bank of Pakistan (SBP).

According to finance officials last month, the economy is expected to grow by four per cent in the 2011/12 fiscal year. This is expected to be announced when the budget for the new fiscal year, starting on July 1, is unveiled on May 28. The central bank governor also said inflationary pressure persisted because of rising international oil and commodity prices and continued government borrowing from the central bank. Pakistan’s CPI rose 13.04 per cent in April from a year ago, and was up 1.62 per cent from March.

“He cautioned that going forward (budget) deficit should be brought down and reliance on SBP borrowing be further reduced,” the Finance Ministry said in a statement. Pakistan’s budget deficit for the first nine months of the 2010/11 fiscal year (July-June) was 4.5 per cent of gross domestic product, the ministry said on its web site (| Ministry of Finance | Government of Pakistan |).

Pakistan said in March it aimed to keep the budget deficit to less than 5.5 per cent of GDP for this fiscal year. The International Monetary Fund (IMF) and Pakistan have agreed to a target of 5.3 per cent of GDP, according to officials involved in negotiations, a target likely to be overshot according to analysts.

The IMF and Pakistan are due to meet in Dubai on May 11-17 to discuss budget targets for the 2011/12 fiscal year and the next tranche of an $11 billion bailout loan.

Pakistan’s GDP growth target for FY10/11 at 2.4 per cent | Business | DAWN.COM

 

[farhan_9909]

2.4% eeew

what the hell is this

even afghanistan and iraq growth rate is better then this

 

[SMC]

This is for FY 2010/11. For calendar year 2011, it's expected at over 4% and same for FY 2011/12, which is around the corner.

 

[farhan_9909]

This is for FY 2010/11. For calendar year 2011, it's expected at over 4% and same for FY 2011/12, which is around the corner.

bt in economy FY growth is considered as real economic growth

 

[SMC]

Well, yes, and for the coming year it's expected to be 4%, which is quite good considering what we've gone through. And what's even better is that it's expected to go up to 5% soon, and higher beyond.

 

[farhan_9909]

Well, yes, and for the coming year it's expected to be 4%, which is quite good considering what we've gone through. And what's even better is that it's expected to go up to 5% soon, and higher beyond.

Indeed.
i remember last year even despite of so much blast we manage to get 4.1% growth rate and expected growth for the 2010-2011 FY ear was 4.7% bt due to flood we end up with 2.5%

INSHALLAH we will grow again like we were in 2005(8.4% growth rate)

 

[ChineseTiger1986]

Yeah, China really needs to provide some solid boast for Pakistan's economy.

Otherwise it would be hard for the military modernization.

 

[mjnaushad]

10/11 Was disturbed because of floods..... It will get better from now on

 

[muse]

Yeah, China really needs to provide some solid boast for Pakistan's economy.

Otherwise it would be hard for the military modernization.

Well Pakistan can do and must do more to help herself - What China has offered and Pakistani govt officials have not helped businessmen understand is access to the Chinese market --- China is doing more than US$ 30 Billion of business with India and Pakistani businessmen seem either ignorant, or unwilling to compete for that business.

Chinese friends must never make the mistake of the Western and "give" Pakistanis or anybody else anything - China has offered market access, it is a HUGE thing, now we must help Pakistani businessmen understand this and how they can profit from it.

The Pakistani state must collect taxes, less than 1 percent of Pakistanis actually pay taxes - no taxes, no state - it's just that easy.

 

[Tiki Tam Tam]

It is good for Pakistan to grow.

Best wishes!

 

[arihant]

I have idea, probably don't consider me troll.

Chinese Companies must be provided land in each city of about 1000-1500 acres where they should be allowed to develop whatever they want, like Township, Malls, etc. I am pretty sure they would built is very nice as seen pics of their cities.

 

[Mo12]

Pakistan government needs to start charging China a tariff to get goods from china at around 2-3%, so it can help small Pakistani firm and government revenue.

 

[bc040400065]

I have idea, probably don't consider me troll.

Chinese Companies must be provided land in each city of about 1000-1500 acres where they should be allowed to develop whatever they want, like Township, Malls, etc. I am pretty sure they would built is very nice as seen pics of their cities.

Actually during musharaf gov the chinese had offered such thing. Infact there was a plan by the then punjab gov to build up a specific chinese industrial city just for chinese investors but then gov changed and no one knows what happened afterwards. Actually our leaders don't want investment or business, they just want aid so that they can also "earn" something from it.

 

[Avatar]

It's ironical but nothing unexpected to see people complain about growth rates despite having all their priorities wrong.

Currently a majority of Pakistan's resources and aid are being wasted in areas that do not reap any future dividends. If Pakistan wants to be competitive in the future global environment, then massive investments in education are needed with utmost urgency.

Right now the Pakistani establishment is facing a tough decision in regard to the WOT. While the majority of the populace wants USA to leave, the authorities are addicted to the aid they are receiving and misusing.

The only rational way forward is the one that's considered less honorable. Give the US a victory in Afghanistan which will ensure rich rewards, use those rewards to develop internal infrastructure and quality of education, research, etc. Eliminate all terrorist havens, make Pakistan a safe place to do business in,and privatize all the industries run by the army. After the private industries start growing Pakistan will be able to afford to harvest it's natural resources and perhaps have a respectable GDP growth.

Stop worrying about India because as long as we're not attacked we will not attack. We have nothing to gain and regarding the water issue, we're both in the same boat.

Lastly, Kashmir is a lost cause. Neither India nor Pakistan will compromise an inch, the only way forward is to declare LOC as official border. Anything else is a waste of resources.

 

[Mo12]

Lol you guys think selling land to Chinese companies will give you growth?

Lol in the long term it will not work for those who studied economy.