Islamabad: During the pandemic, which has posed challenges for large economies of the world, Pakistan has succeeded as regards with restoring its economy, which is expected to grow by almost 4% in FY2021, surpassing initial projections, Forbes Magazine reported.
“Even giants like the United States and India have had difficulty dealing with the Coronavirus pandemic. Donald Trump, Dwayne Johnson, and Ellen DeGeneres have all been infected by this virus. In this situation, Pakistan has succeeded in reviving its economy, which is expected to grow by nearly 4% in 2021, exceeding initial projections,” the magazine says.
The report cited Governor State Bank of Pakistan (SBP), Reza Baqir as having said the unforeseen development in GDP was because of aggressive monetary and fiscal policy
SBP immediately reduced its policy rate by 625 basis points to 7% and delivered a stimulus of up to 5% of GDP. Moreover, the governor said that the government had been able to control the Covid situation announcing 12 new cases for each million, contrasted with 62 new cases for every million around the world.
Pakistan reported highest trade volumes on the Pakistan Stock Exchange at 1.56 billion shares and 2.21 billion shares respectively on May 26 and May 27. Investors and Financial backers are optimistic on account of the populist budget proposal and improved growth forecasts.
Talking about the measures taken by the government to check Coronavirus, the report says last year, the country saw a surge in cases during the Eid-festival, but the government was quick to move this time, imposing partial lockdowns, closing non-essential enterprises, and prohibiting domestic tourism, which helped the country avoid a spike in cases.