ISLAMABAD, Jun 9 (APP): The federal government will launch the pre-budget document, Economic Survey of Pakistan 2020-21 on Thursday with a higher GDP growth rate of 3.94 percent and positive performance of almost all the macro economic indicators during the year.
The Survey is scheduled to be shared with media at a press conference here during which an overview of the economic progress made in recent years in Pakistan would also be provided, official sources said.
The Survey would highlight the main features of the policies undertaken by the present government, which are focused on bringing macro-economic stability and putting the economy on growth trajectory.
The survey would cover the development of all the important sectors of economy, including growth and investment, agriculture, manufacturing, mining, fiscal development, money and credit, capital markets, inflation, debt and liabilities.
Unlike the past years, most of the targets set for the outgoing fiscal year 2020-21 seemed to be achieved or even surpassed the previous years’ targets, as the macro economic indicators have showed extra ordinary performance despite some restrictions during COVID-19 pandemic in the country.
According to the Planning Commission’s estimations made in the 103rd meeting of National Accounts Committee (NAC), the Gross Domestic Product
(GDP) posted 3.94 percent growth during the outgoing fiscal year that is much higher than the government’s original target of 2.1 percent and, the International Monetary Fund (IMF) and World Bank’s projection of only 1.5 percent and 1.3 percent respectively.
Minister for Planning, Development and Special Initiatives Asad Umar has termed this higher growth as extremely gratifying and proof of success of Prime Minister Imran Khan economic policies.
The target for tax revenue collection of Rs 4.7 trillion also looks to be achieved as the revenues reached Rs 4.167 trillion during first 11 months of current fiscal year and the Federal Board of Revenue (FBR) needs about Rs 500 billion in the last month of outgoing fiscal year.
Similarly other indicators such as exports, industrial growth, current account deficit, and services sectors are also showing positive trend.
Meanwhile, on Friday, June 11, the government would present its Federal Budget for the fiscal year 2021-22 in the Parliament, with special focus on fiscal management, revenue mobilization,
measures for economic stabilization and growth, reduction in non-development expenditures; boosting exports besides providing relief to the masses, promoting investment for job creation and people friendly policies for the socio economic prosperity of the country.