Pakistan’s gross domestic product (GDP) growth is projected to recover modestly to 1.9% in fiscal year 2023-24 from 0.3% in FY2023, with price pressures remaining elevated, the Asian Development Bank (ADB) said in a report on Wednesday.
However, the ADB also warned that significant downside risks to Pakistan’s economic outlook in FY24 remain, including global price shocks and slower global growth.
According to the Asian Development Outlook (ADO), in September 2023, Pakistan’s adherence to an economic adjustment program through April 2024 will be critical to restoring macroeconomic stability and the gradual recovery of the country’s growth.
“Pakistan’s economic prospects are closely tied to the steadfast and consistent implementation of policy reforms to stabilize the economy and rebuild fiscal and external buffers,” said ADB Country Director for Pakistan Yong Ye.