World Bank revises Pakistans growth rate upward

ISLAMABAD: The World Bank has revised Pakistan’s growth rate upward to 5.2 percent for fiscal year 2017 and 5.5 percent for 2018.The bank previously estimated growth in Gross Domestic Product (GDP) of Pakistan 5 percent and 5.4 percent respectively.The report ‘Global Economic Prospects; weak investment in uncertain times,’ states that the uptake in activity was spurred by a combination of low commodity prices, rising infrastructure spending and reforms that lifted domestic demand and improved the business climate.In Pakistan, growth is forecast to accelerate from 5.5 percent in fiscal year 2018 to 5.8 percent a year in fiscal year2019-20, reflecting improvements in agriculture infrastructure energy and external demand.The report further mentioned the successful conclusion of Special Drawing Rights (SDR) 4.393 billion IMF Extended Fund Facility (EFF) programme aimed at supporting reforms and reducing fiscal and external sector vulnerabilities, lifted consumer and investor confidence.The China Pakistan Economic Corridor (CPEC) project will increase investment in the medium term and alleviate transportation bottlenecks and electricity shortages.