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Articles for tag: Development, economy, forecast, growth, SBP, steady

May 15, 2024

News Desk

SBP keeps growth forecast steady

KARACHI: Pakistan’s central bank has forecast the country’s economic growth to remain modest, sticking to its initial forecast of 2-3% growth for the current fiscal year 2023-24. He says achieving a higher growth trajectory in the medium to long term depends on reforms that address persistent structural issues. In its report on the “State of Pakistan’s Economy for the first half of the financial year 2023-24”, the State Bank of Pakistan (SBP) said: “Despite improving macroeconomic indicators, Pakistan’s economy continues to face structural headwinds bottlenecks that prevent the achievement of low and stable inflation with sustainable growth. The main issues

January 31, 2024

News Desk

IMF revises Pakistan GDP growth forecast to 2%

This file photo taken on January 26, 2022, shows the seal of the International Monetary Fund (IMF) in Washington, DC. — AFP The GDP growth rate will be 3.5% for the next fiscal year 25. Global growth is forecast at 3.1% in 2024 and 3.2% in 2025. Inflation is easing faster than expected in most areas. ISLAMABAD: The International Monetary Fund (IMF) has revised its forecast for the growth rate of Gross Domestic Product (GDP) to 2% for Pakistan during the current financial year from its previous forecast of 2.5%. The news reported on Wednesday. It shows that per capita

December 30, 2023

News Desk

SBP report maintains GDP growth forecast at 2-3%

KARACHI: Pakistan’s economic landscape faced unprecedented challenges throughout the financial year 2022-23, as outlined in the ‘Governor’s Annual Report 2022-23’ presented by State Bank of Pakistan (SBP) Governor Jameel Ahmad, the manufacture. The comprehensive report not only delves into the challenges facing the country, but also lays out strategies to address them and strengthen economic resilience. Ahmad opened the report on a cautiously optimistic tone, stating that economic activity appeared to have bottomed out from July 2023. The central bank maintained its original forecast of GDP growth of 2-3%, with significant contribution expected from the recovery of agricultural production in

December 14, 2023

News Desk

ADB keeps growth forecast at 1.9%

Islamabad: The Asian Development Bank (ADB) on Wednesday kept its forecast for Pakistan’s economic growth at 1.9 percent unchanged due to a modest level of confidence in the economy, but expected some easing in inflation – forecasts in line with Islamabad’s expectations. “Pakistan’s overall recovery remains constrained by modest confidence and high inflation that is eroding purchasing power,” according to the updated Asian Development Outlook report released Wednesday by the Manila-based lender. The ADB has not changed its latest forecast of 1.9% economic growth for Pakistan this fiscal year. However, the lender revised up its growth forecast for South Asia

November 26, 2023

News Desk

A rate cut of 7% is forecast for CY24

KARACHI: Pakistan’s central bank is expected to cut its benchmark interest rate – the cost of borrowing at commercial banks – by seven percentage points over the next calendar year to 15%, which will revive affordable finance for industries that rely heavily on in bank lending. Such industries mainly include textiles, cement, steel and agriculture. In addition, commercial banks are projected to achieve a 12% rise in net profit in 2024 against the general assumption of a decline in profits after the interest rate cut and the imposition of a 40% tax on their windfall from alleged speculative rupee-dollar trades.

November 19, 2023

News Desk

The forecast for PSX will increase by 30% by December 2024

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) is forecast to jump around 30% over the next 13 months to a record high of 75,000 in December 2024, signaling that share prices of the top 100 companies will rise to new highs. In its comprehensive report titled “Stock market recovery has just begun – Index likely to reach 75k in 2024”, Topline Research cited “smooth transfer of power to the new government after the elections, new long-term financing program from the IMF and expected interest rate decline will be key drivers for equities in 2024”. The index

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