Pakistan’s economy to shed COVID-19 shock this year: SBP

 Pakistan’s economy to shed COVID-19 shock this year: SBP
A representational image. Photo: File
  • Pakistan’s economy to grow by 3.49% this year, says central bank. 
  • Current account reported surplus for the first time in 17 years, says SBP. 
  • Economic rebound fueled by well-calibrated policy response, says central bank. 

KARACHI: The central bank on Monday said it expects the country’s economy to shed the coronavirus shock this year and grow by 3.49% annually. 

Pakistan suffered its first ever economic contraction last fiscal year, since 1952 when its economy contracted by 0.4%. The State Bank of Pakistan (SBP) said the country’s GDP is expected to rise to 3.49% as “post-Covid recovery underway since last summer has strengthened”. 

The central bank had earlier forecast that the economy will grow by 3% in the current fiscal year, revising its target from over 2%. It had said that the current account had gone into surplus for the first time in 17 years, adding that the foreign account…

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