Last Updated on: 1st July 2023, 11:54 am
Pakistan is recognized around the world for its successful strategy to fight the Covid-19 pandemic while stimulating the economy with significant growth as large economies struggle to survive the aftermath of the health crisis.
A report published for Forbes magazine shows that Pakistan has managed to revive its economy, which is expected to grow by almost 4% in 2021, beating initial projections by the International Monetary Fund (IMF) and the World Bank (WB).
The State Bank of Pakistan (SBP) initially forecast GDP growth of 3%, the IMF and WB forecast growth of 1.5% and 1.3%, respectively.
The country’s per capita income is expected to increase 14.6% from $1,405 in 2020 to $1,610 in 2021.
The report adds that giants like the United States and India are struggling to cope with the coronavirus pandemic.
In this situation, Pakistan has managed to revive its economy. It shows that the service sector, which is expected to grow 4.43% in 2020-2021, is playing a leading role in growth.
This is certainly remarkable for a country like Pakistan, which is successfully developing its service sector. The forecast growth of the agricultural sector is 2.77%, that of the industrial sector 3.57%.
The report goes on to say that Pakistan’s awareness-raising campaign coincided with an intense vaccination campaign and that the timely decision to impose restrictions helped draw the balance.
