Pakistan's Planning Ministry said on Friday that the economic outlook for the next year was positive, with a growth target of 3.6 per cent, while inflation was likely to moderate to 12 per cent.
FILE PHOTO: Labourers unload sacks of onion from a truck to supply at a market in Karachi, Pakistan February 1, 2023. REUTERS/Akhtar SoomroPakistan's Planning Ministry said on Friday that the economic outlook for the next year was positive, with a growth target of 3.6 per cent, while inflation was likely to moderate to 12 per cent.
"The growth prospects hinge upon political stability, exchange rate, macroeconomic stabilization under IMF’s programme and expected fall in global oil and commodity prices," the ministry said in its annual plan review. The Planning Ministry said the fiscal deficit would narrow on the back of fiscal consolidation measures, and that domestic average inflation was likely to moderate to 12 per cent owing to falls in global inflation.
Pakistan has been beset by inflation above 20 per cent since May 2022, registering a high of 38 per cent in May 2023, as it navigated reforms as part of an International Monetary Fund bailout programme. However, inflation has slowed over the past few months.
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