Under the leadership of Shahbaz Sharif, the country’s economy is gradually progressing
After the change in the federal government, the biggest challenge faced by the multi-party government led by Shehbaz Sharif was to prevent the country from going bankrupt and to steer it out of the financial crisis. The task became even more difficult due to political and judicial turmoil. However, the government introduced tough economic decisions and reforms to restore the economy. As a result of these measures, inflation, interest rates, and price hikes began to decrease, while remittances from abroad increased.
According to the latest World Economic Outlook report by the IMF, positive predictions have been made about Pakistan’s economy, with an expected growth rate of 3.2% for the current fiscal year, which is higher than estimates from the World Bank and the Asian Development Bank. Furthermore, by 2029, the growth rate is projected to reach 4.5%, while inflation is expected to drop to 6.5%.
Hopes for political stability have also been expressed, as constitutional amendments are expected to end the ongoing political instability. This will create investment opportunities and is expected to accelerate the pace of the country’s development.
With the continuation of the current government policies, further improvement in the economy is anticipated, and Pakistan could be on a fast track to development. cpd ..
Altaf Choudhry
24.10.2024
