Uncertain Economic Outlook
Economic growth will remain below target during FY 2023. Ministry of Finance
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The Ministry of Finance's Economic Adviser’s Wing in its Monthly Economic Update & Outlook for September 2022 has revealed that floods have negatively impacted Pakistan's economic growth targets for the ongoing fiscal year.
Already confronting inflationary and external sector pressures, the economy of Pakistan is under severe economic and humanitarian crisis due to recent flash floods. MoF, Monthly Economic Outlook and Update for September 2022.
Pakistan's economic outlook for the current fiscal year has become uncertain and will likely remain below the target while macroeconomic imbalances may ease with the expected slowdown in economic growth. The World Bank's recent report titled 'Pakistan Development Update October 2022: Inflation and the Poor' has also predicted a prolonged recovery spell for Pakistan, with real GDP growth to reach 3.2% in FY 24, while the forecast for this year is around 2% (FY 23) compared to 6% in FY 22.
GRAPHICS OF THE DAY
Remittances decreased by 3.2% during the first two months of FY 2023 compared to FY 2022
Exports increased by 11.3% and imports decreased by 2.1% during the first two months of FY 2023 compared to FY 2022
The current account deficit decreased by USD 0.5 billion during the first two months of FY 2023 compared to FY 2022
Total foreign exchange reserves decreased by 48.4% during the first two months of FY 2023 compared to FY 2022
Foreign direct investment decreased by 26% during the first two months of FY 2023 compared to FY 2022
INSTAGRAM POST
RDA Inflows September 2022 — www.instagram.com
⚫ Funds being received through RDAs have increased to USD 5,149 million (crossing the USD 5 billion mark) in September 2022 compared to USD 2,411 million in September 2021 and USD 4,981 million in August 2022
View more
TWEET
What Else We’re Reading
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