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An Overview of Economic Survey of Pakistan 2023-24

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The Economic Survey of Pakistan for the fiscal year 2023-24, unveiled by Finance Minister Muhammad Aurangzeb, highlighted the prominent role played by the country’s agriculture sector in bolstering the GDP growth to 2.38%. The Minister acknowledged the challenges faced by the larger-scale manufacturing sector, such as [specific challenges], due to the impact of the interest rate regime and energy equation, while emphasizing the pivotal contribution of agriculture as the “savior” backed by bumper crops. He also discussed the country’s journey towards economic reforms, noting the significant depreciation of the Pakistan rupee and the decline in foreign exchange reserves in the previous fiscal year.

Aurangzeb reiterated the government’s unwavering commitment to economic reforms, underlining the necessity for all segments of society to contribute to the economy. He emphasized the reliance on taxes to sustain essential institutions such as schools, hospitals, and universities. Looking ahead, he indicated that the government would continue its policies from the outgoing year, with a focus on managing external financial matters and fostering a stronger fiscal position. The Minister also highlighted the positive growth in revenue collection and expressed optimism regarding the country’s external financing and import cover position.

The survey provided key insights into various economic sectors. While the real GDP posted a growth of 2.38% and per capita income rose to $1,680, the investment-to-GDP ratio experienced a slight decrease. The robust performance of the agriculture sector, with a growth of 6.25%, stood out, driven by significant increases in the production of major crops such as wheat, cotton, and rice. The industrial sector, which includes [specific industries], posted a growth of [specific percentage], while the services sector, which includes [specific services], posted a growth of [specific percentage].

Additionally, the survey addressed inflation, fiscal deficit, and current account dynamics. Inflationary indicators showed a decline, with the coordinated policy response in Pakistan, which involved [specific policies or actions], contributing to a reduction in inflation. The fiscal deficit remained stable at 3.7% of GDP, while the current account demonstrated improvement, with a decrease in the deficit attributed to increased exports and reduced imports of goods.

Overall, the Economic Survey presented a comprehensive overview of Pakistan’s economic landscape, acknowledging the challenges and highlighting the contributions of different sectors to the country’s growth trajectory. It also outlined the government’s plans to sustain and build upon the positive economic indicators in the coming fiscal year.

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