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Pakistan's GDP to rise by 4% in fiscal year 2022

Christian Fernsby |
Pakistan’s economic growth rebounded to 3.9% in fiscal year 2020-2021 and is expected to reach 4% in fiscal year 2021-22, said the Asian Development Bank (ADB) in a report released Wednesday.

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According to the Asian Development Outlook (ADO) 2021 Update, ADB’s annual flagship economic publication, Pakistan’s economy is expected to continue recovering in FY22, supported by stronger private investment, improving business activity, a steady vaccine rollout, and economic stimulus measures for FY22.

The report mentioned that in Pakistan, GDP recovered more strongly in FY21 than forecast in ADO 2021 and growth is expected to be the same as projected in April. Comparatively, the economies of Bangladesh and Nepal underperformed relative to projections in FY21.

Inflation declined to 8.9% in FY21. Food price inflation remained high due to supply chain disruptions, increased prices for wheat and sugarcane, and an extended wet monsoon.