Pakistan’s economy showed resilience in the face of challenging conditions, with the agriculture sector driving unprecedented growth, according to the Pakistan Economic Survey 2023-24 unveiled by Finance Minister Muhammad Aurangzeb. The report highlighted a 2.38% GDP growth in FY 2024, rebounding from a previous contraction.
The key takeaways from the survey include the economy’s expected 2.4% growth, a 95% reduction in the current account deficit to $200m, and a significant increase in revenue collection. While most targets were missed, the agriculture sector’s outstanding performance led to a nearly double growth compared to last year.
Finance Minister Aurangzeb also addressed inflation, acknowledging the country’s need for an IMF program. He praised the Prime Minister’s signing of a Stand-by Agreement with the IMF, leading to positive outcomes and economic stability.
Looking ahead, Aurangzeb emphasized the importance of tax reforms, governance improvements, and addressing electricity theft. The survey indicated notable growth in the agriculture sector, while trade deficit decreased, and tax collection improved significantly.
The upcoming budget presentation and discussions with the IMF for a larger bailout will shape Pakistan’s economic trajectory in the next fiscal year.