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Economic Advisor Presents the Economic Survey 2019-20
Today on 11th of June, 2020, the advisor to the PM on economy presided over the meeting of the Pakistan economic survey before Budget 2020-21. Mr. Abdul Hafez Sheikh reiterated that macro-economic indicators are doing well. He said, for the first time in many years that our primary balance is in surplus, meaning the income surpasses the expenses.
Also, “we managed to reduce the current account deficit from $20 billion to just 3 billion”, said Hafeez. This is a massive improvement. Citing the reason, he mentioned, it is due to the import restrictions that the govt. took last year. The economic advisor also thanked the Army Chief to agree on not increasing the military budget owing to tight fiscal space during coronavirus pandemic, sources said.
Facts & Figures:
- Apart from that, the economic survey gave various numbers regarding different sectors of the economy. For instance, – ve growth was seen in large-scale manufacturing, agriculture, and GDP growth was also negative at 0.4%.
- Very few sectors such as the banking industry, the real state showed + ve growth.
- Moreover, the exports remained stagnant given the massive slump of the exchange rate. However, many experts believe that the free-floating exchange rate is the right choice.