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Economic growth

Pakistan’s economic growth journey resumed: PM  

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Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif said that after attaining stability in the country’s economy, the government had resumed the journey of economic development and growth from where it was halted in 2018.

He said Pakistan witnessed a golden era of economic development under the leadership of former Prime Minister Nawaz Sharif and today, under his leadership too, the development journey was continued.

He expressed the gratitude to the friendly and brotherly countries as Pakistan avoided the default like situation and moved towards the path of development due to their cooperation.

“The credit of significant decline in inflation and interest rate goes to the hard work by the government economic team,” he said while talking to a delegation of Pakistan Broadcasters’ Association which called on him here.

The prime minister said the relationship between government and the media was based on mutual trust.

He emphasized that the government always welcomed constructive criticism by media as it was very important to improve governance.

“The government believes in media being the fourth pillar of the state,” the prime minister said adding that there was complete freedom of expression in the country.

He expressed the confidence that “Uraan Pakistan”, a home made development project, will be made successful with cooperation of media and all other relevant stakeholders.

Similarly, he underscored that the country’s exports had been increased and industrial and agricultural sectors were also showing positive results due to the business friendly policies of the government.

As regards performance of the Federal Board of Revenue (FBR), the prime minister said the reforms actions were being implemented in the Board besides work on digitization of FBR was also continued rapidly.

He told that the faceless assessment had also been launched to improve the customs’ system. “This system will help increase tax revenues, enhance transparency and stop corruption from the sector.

He said after the launch of this system, the national exchequer was benefited due to the prevention of smuggling of petroleum products, sugar, fertilizers, and wheat.

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IMF revises Pakistan’s economic growth estimate for current fiscal year

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IMF

ISLAMABAD: The International Monetary Fund (IMF) has expressed concern that the economic growth rate of Pakistan will not achieve the set target for the current financial year.

The IMF has released the World Economic Outlook in which the International Monetary Fund has revised Pakistan’s economic growth estimate for the current fiscal year to 3 percent from 3.2 percent.

The IMF has estimated that Pakistan’s economic growth rate will not be achieved this fiscal year, but it has also predicted an increase in the economic growth rate compared to the previous year.

The IMF has predicted that the economic growth rate will be 4 percent in the next fiscal year, while the economic growth rate was 2.5 percent last fiscal year.

According to the IMF, the economic growth rate of Pakistan is likely to be 3 percent this fiscal year, while Pakistan has set a target of 3.6 percent economic growth for the current fiscal year.

In October 2024, the IMF estimated Pakistan’s economic growth rate for the current fiscal year at 3.2 percent.

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UN predicts global economic growth to remain at 2.8% in 2025

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UN

UNITED NATIONS: Global economic growth is projected at 2.8 per cent in 2025, unchanged from the past year, with prospects in South Asia remaining “robust”, according to a UN flagship report.

“South Asia’s economic outlook remains robust, with regional GDP anticipated to grow by 5.7 per cent in 2025, compared to 5.9 per cent in 2024, supported by strong performance in India and recovery in Pakistan, Bhutan, Nepal and Sri Lanka,” the report produced by the UN Department of Economic and Social Affairs (DESA) said.

However, it warned that risks to the outlook are tilted to the downside owing to deceleration in external demand, ongoing debt challenges, and social un-rests.

“Additionally, strong export growth in services and certain manufactured goods will bolster economic activity,” the World Economic Situation and Prospects (WESP) 2025 report said.

“Looming risks ahead East and South Asia face mounting downside risks that could dampen economic prospects. Key risks and challenges include escalating geopolitical tensions, trade disputes, and the impact of climate change, which could reignite inflationary pressures and pose severe risks to food security.”

Replying to a question, Hamid Rashid, the Chief of Global Economic Monitoring Branch, Economic Analysis and Policy Division at DESA, said that once the debt issues of Pakistan and Sri Lanka are resolved, their economies are set to grow further.

In this regard, the report calls for bold multilateral action to address interconnected global crises, including debt, inequality and climate change.

Globally, the report the shows that despite withstanding a series of mutually reinforcing shocks, world economic growth has stagnated and remains below the pre-pandemic annual average of 3.2 per cent.

It highlights the enduring impact of weak investment, sluggish productivity, and high debt levels on global economic performance.

UN Secretary-General Antonio Guterres, in his foreword, called for decisive action to address these challenges.

“Countries cannot ignore these perils. In our interconnected economy, shocks on one side of the world push up prices on the other. Every country is affected and must be part of the solution,” he stated.

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PIDE Hosts Chinese Expert Delegation and Leading Pakistani Think Tanks to Discuss Economic Growth and Connectivity

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PIDE Hosts

PIDE Hosts Chinese Expert Delegation and Leading Pakistani Think Tanks to Discuss Economic Growth and Connectivity A high-level Chinese expert delegation participated in an event organized by the Pakistan Institute of Development Economics (PIDE) at the Marriott Hotel in Islamabad, marking a significant step towards enhancing economic collaboration between China and Pakistan. The event, titled … Read more

Pakistan’s economic growth linked with fast sustainable upsurge in exports: PM

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Pakistan

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif said the country’s economic growth was directly linked with the fast sustainable growth of exports.

He was talking to a delegation of exporters, which called on him here at the PM House.

The prime minister said the exporters being the back bone of national economy, were extremely important for the government as they were playing a key role in the country’s development.

The country’s economy would attain sustainable growth when the export sector showed fast growth, he added.

PM Shehbaz said the government was providing all possible facilities to promote the non-traditional exports.

He expressed the government’s resolve to take all the decisions in the larger interest of the people and the country.

The government, he said, was taking measures to boost the export to GDP ratio. The payment of sales tax refund to the traders and industrialists was also being ensured timely, he added.

The prime minister warned the relevant authorities that no laxity would be tolerated in that regard.

He directed the federal ministers to make consultation with the delegation to ensure resolution of all their issues.

The exporters expressed gratitude to the prime minister and the government for announcing a historic cut in the electricity prices for the industrial sector, terming it a breath of fresh air.

They also expressed their full confidence in the government’s economic policies and assured their all-out cooperation.

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Idea of single market economy is to overcome differences:  Dr Cecilia

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economy
  • Dr Cecilia said European single market was very simple idea.
  • She said there is no other solution to cooperate with each other.
  • Prof Shaista said political disputes hinder economic growth.

KARACHI: The Department of International Relations of the University of Karachi organized an informative session on the topic of “European Single Market: Its Evolution 30 Years after Its Establishment”, at the Chinese Teachers Memorial Auditorium.

Dr Cecilia Severoni of the University of Udine, Italy, during her presentation, provides an in-depth analysis of the European single market, its challenges and opportunities, and problems faced after Brexit.

Dr Cecilia insisted that the idea of the single market economy is to overcome political differences. She said that the European single market was a very simple idea. Still, it seems difficult to implement which is based on the four freedoms of movements related to the people of European nations.

“We are stronger together. There is no other solution else to cooperate with each other. The digital transformation is important for the European countries.”

Earlier, the Dean of the Faculty of Arts and Social Sciences Professor Dr Shaista Tabassum said that the European common market is significant for the European region.

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Abenomics: How Shinzo Abe aimed to revitalise Japan’s economy

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Abenomics

Shinzo Abe was the longest-serving prime minister of Japan. He is credited for making the nation more resilient to economic shocks. Abenomics failed to increase the voice of women in the workforce, combat nepotism. Shinzo Abe, the slain former prime minister of Japan, wanted to change the economy. Prior to his resignation in the late … Read more

Due to the impact of protests, Peru forecasts decreased economic growth

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Peru

Peru’s central bank revises down 2022 growth projection to 3.1% from 3.4%, citing disruptions to mining projects. Peru is the world’s second-biggest copper producer. Protests by indigenous people have disrupted Peru’s mining sector in recent months. Peru’s monetary development will probably be somewhat lower this year, as per another national bank figure on Friday following … Read more

UK’s economic growth has slowed due to manufacturing declines

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Britain

Britain’s economic growth slowed in February due to losses in the manufacturing of automobiles, computers, and chemicals. The Office for National Statistics said Monday that gross domestic product climbed by only 0.1 percent from the previous month, well below the 0.8 percent rise reported in January. Last month, the output of productive industries, which includes … Read more

Economic growth with external sector vulnerabilities will remain a challenge

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Economic growth

ISLAMABAD: The economic outlook of Pakistan, with the resumption of the International Monetary Fund (IMF) programme, is expected to result in orderly rebalancing between imperatives of economic growth and addressing the external sector vulnerabilities, the Mid-Year Economic Review for FY22 by the Planning Commission showed. These challenges will remain in the light of the extent … Read more

China capable of maintaining sustainable economic growth: official

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china

BEIJING: Facing an increasingly complicated external environment and more uncertainties, China is fully confident in and capable of maintaining sound, healthy and sustainable economic growth, said an official with the country’s top economic planner. China faces the triple pressures of demand contraction, supply shocks, and weakening expectations. But its economic resilience, massive potential, bright prospects, … Read more

China’s capital market to see more opportunities in 2022: experts

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china

BEIJING: China’s capital market is expected to see sound development with more opportunities this year, experts said. “The opportunities outweigh the challenges for China’s capital market in 2022,” said Peng Wensheng, chief analyst of the China International Capital Corporation, in a recent interview with Xinhua. Peng added that the country’s innovation drive and policies to … Read more

Latin American economy to lose steam this year: UN

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Latin American

MEXICO CITY: Economic growth in Latin America and the Caribbean will slow sharply this year amid uncertainty caused by the coronavirus pandemic, low investment and inflationary pressures, a UN body said Wednesday. The region’s gross domestic product (GDP) will grow by 2.1 per cent in 2022, compared with 6.2 per cent in 2021, the UN Economic … Read more

Businessmen urged to contribute in education, health sectors

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health sectors

LAHORE: Business tycoon, educationist and philanthropist Syed Babar Ali has urged the business community to come forward and play its due role in nation building, a statement said on Monday. Speaking at a ceremony at the Lahore Chamber of Commerce and Industry (LCCI), he urged the businessmen to contribute in education and health sectors. Ali … Read more

MMBL to finance MSMEs in rural Sindh, Balochistan

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MMBL

KARACHI: Mobilink Microfinance Bank Limited (MMBL) signed a memorandum of understanding (MoU) with the Pakistan Poverty Alleviation Fund (PPAF) for the development of Micro, Small and Medium Enterprises (MSMEs), a statement said on Monday. The memorandum of understanding was signed for the capacity building and financing of the enterprises, engaged in livestock and horticulture sectors … Read more

Lira plunges again after Erdogan defends rate cuts

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Erdogan

ISTANBUL: Turkey’s troubled lira nosedived on Monday after President Recep Tayyip Erdogan justify not to raise the interest rates to stabilise the currency. Erdogan has pushed the central bank to sharply lower borrowing costs, despite the annual rate of inflation soaring to more than 20 per cent. Economists believe the policy could see consumer price increases … Read more

LCCI calls for devising economic revival plan

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LCCI

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has stressed the need for devising an economic revival plan after consultation with all the stakeholders, a statement said. Talking to a delegation of Sahiwal Chamber of Commerce and Industry, the LCCI office-bearers said the government should treat the private sector as a partner and resolve … Read more

Eurozone growth slowing after new Covid wave: survey

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Eurozone growth

BRUSSELS: Economic growth in the Eurozone slowed to a nine-month low in December, as a fresh wave of the coronavirus rattled businesses, especially in Germany, a closely watched survey said on Thursday. The survey, released by data firm IHS Markit, added that prices in Europe were continuing on their upward march, though rates of increase had … Read more

Govt taking steps to increase investment, business: PM Imran Khan

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PM Imran Khan

LAHORE: Prime Minister Imran Khan has said that the government is taking steps to provide a conducive environment for an increase in investment and expand business. Chairing a meeting regarding regional economic growth strategy for the Gujranwala division, he said the federal and provincial institutions were working for industrial progress in the country. After the … Read more

Qatar approves budget, expects to revenue to rise 22.1%

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Qatar

DOHA: Qatar has approved its budget for the 2022 fiscal year, Arab News quoted the country’s Minister of Finance Ali Al Kuwari said in a press conference. Revenues are expected to amount to 196 billion riyals ($53.8 billion), a 22.4 per cent rise compared to last year’s budget estimates, Asharq reported. Estimates for the budget were made while assuming … Read more

Need stressed to devise policies for economic growth

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LCCI for business community representation in policy-making

LAHORE: Speakers at the launching ceremony of a report have stressed the need for devising short-term and long-term strategies for achieving potential growth of the economy. Speaking at the launching of “The state of the economy: changing world-Pakistan reset” at the Lahore Chamber of Commerce and Industry (LCCI), they highlighted critical challenges that needed to … Read more

The government plans to sell 20% of its stake in PAKRI through the PSX

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PAKRI

The Pakistani government wants to sell 60,000,000 (20 percent) shares of Pakistan Reinsurance Company Limited (PAKRI or “the Company”) via a Secondary Public Offering using the 100 percent Book Building Method through the Privatization Commission.

The shares will be offered through 100% Book Building, according to the draft prospectus. 75 percent of the Offer size (45 million shares) will be distributed to successful bidders, while 25% of the overall transaction (15 million shares) will be released to the general public.

Unsubscribed shares from the general public part will be distributed pro-rata to succeeding bidders.

Because PAKRI is a publicly-traded company, the Offer’s Floor Price will be revealed shortly after Book Building begins.

The Floor Price will be announced on the Pakistan Stock Exchange, Habib Bank Limited, and Next Capital Limited websites after approval by the Privatization Commission Board and the Cabinet Committee on Privatization (CCOP).

PAKRI is Pakistan’s only reinsurance firm, having been established as a public limited corporation in 2000. In order to promote the local insurance business, it took over all of the assets and liabilities of the former Pakistan Insurance Corporation (PIC), which was established under the PIC Act, 1952. It is a public sector firm that operates as an autonomous agency under the Ministry of Commerce of the Pakistani government, with the primary goal of developing the insurance and reinsurance industry in the country.

In view of the treaty and facultative business, it acts as the national reinsurer, providing reinsurance protection to the local insurance industry.

PAKRI improves the country’s foreign exchange retention capacity by providing reinsurance services locally. In the sphere of reinsurance, it also collaborates and participates with its foreign counterparts.

This is being done under the framework of the Economic Cooperation Organization (ECO), with the goal of minimizing foreign exchange outflows and raising the level of insurance and reinsurance services in the region. PAKRI is a founding member of the Federation of Afro-Asian Insurers and Reins.

Through the Ministry of Commerce, the Pakistani government owns around 45 percent of the Company’s shares.

The retail portion of this Offer does not require guaranteeing because it is being made through 100% book building with a 25% allocation to retail investors.

If the Offer remains unsubscribed, the unsubscribed shares will be distributed pro-rata to the successful bidders. The successful bidders have previously agreed to subscribe on a pro-rata basis to any unsubscribed shares.

The growth of the non-life insurance market, which is primarily driven by economic growth, is PAKRI’s primary revenue generator. As commercial activity grows, so does the demand for insurance, which leads to increased demand for the reinsurance company.

PAKRI’s primary revenue generator is the growth of the non-life insurance market, which is predominantly driven by economic growth. As the business expands, so does the demand for insurance, resulting in greater demand for the reinsurance company.

As businesses succeed, the demand for insurance will grow, ultimately increasing the demand for reinsurance. Being the only domestic reinsurance company, PAKRI is well-positioned to capture any anticipated growth in the insurance industry.

PAKRI’s gross premium has risen to Rs. 17-18 billion in recent years, up from Rs. 8-10 billion in 2014-18. This massive increase can mostly be attributed to new power projects that were reinsured over the period.

More projects under the CPEC program are likely to be constructed, providing the Company with a potential revenue stream. In addition, in 2018, the Company launched its Retakaful business, insuring Rs. 424.8 million in 2019 and Rs. 603 million in 2020.

There are three general takaful companies with 22 window takaful activities, according to the Insurance Association of Pakistan (IAP) Yearbook 2019-20. PAKRI has yet to capture the full market, which will boost the retakaful window’s contribution.

PAKRI has a well-diversified portfolio that includes debt, equity, mutual funds, and investment property. Except for mutual funds, which are outsourced to prominent asset management firms, it maintains these investments in-house.

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Pakistan equity market may remain volatile next week

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Stocks remain range-bound over political turmoil

KARACHI: The benchmark stocks lost 1.5 per cent during the week ended July 30, 2021, and analysts predict a volatile week ahead as the Sindh government has imposed a strict lockdown, amid corporate results announcement season, dealers said on Saturday. An analyst at Arif Habib Limited said with the result season commencing, and cyclical expected … Read more

Climate Change: Pakistan’s eco-friendly roadmap to save future generations: PM

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Climate Change: Pakistan’s eco-friendly roadmap to save future generations: PM

ISLAMABAD: Prime Minister Imran Khan on Thursday said that the government was working on setting out an eco-friendly roadmap for the country to save its future generations from the negative effects of climate change and global warming. “We will devise sustainable policies on environmental protection to materialise the vision of a clean and green Pakistan,” … Read more

Pakistan needs to attain 7% economic growth: Tarin

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Pakistan needs to attain 7% economic growth: Tarin

ISLAMABAD: Pakistan needs to achieve economic growth of up to 7 per cent and for realising this goal, there was a dire need for economic stability, a senior government official said. Addressing virtually on “Pakistan’s Economy – Fragility and Smart Action Strategy” National Workshop Balochistan-7, Federal Finance and Revenue Minister Shaukat Tarin said that the … Read more

Pakistan’s economic growth to increase by 6 percent: Finance Minister Shaukat Tarin

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Finance Minister Vows To Make E-commerce More Sustainable Through Digitization

Finance Minister Shaukat Tarin on Sunday revealed that the government will be giving targeted subsidies to the power sector in 2021. According to the details, while addressing a news conference in Islamabad today, Shaukat Tareen said that the government is focusing on enhancing exports, revenue collections, and many different administrative measures in a bid to … Read more

Pakistan witnesses strong growth despite hard IMF Programme: Shaukat Tarin

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Finance Minister Vows To Make E-commerce More Sustainable Through Digitization

Pakistan witnessed a strong V-Shaped growth despite being in a hard-hitting International Monetary Fund (IMF) program, Federal Minister for Finance and Revenue, Shaukat Tarin stated on Saturday. In a tweet here the minister stated that the IMF program was required by unsustainable current account shortage and falling foreign currency reserves, and a vicious Covid 19. … Read more

Govt. is targeting 4% economic growth for ongoing fiscal year: Hammad Azhar

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Hammad Azhar

The government is targeting a 4% economic growth for the ongoing fiscal year, announced the Federal Energy Minister Hammad Azhar on Saturday.

While giving an economic outlook at a press conference today in Islamabad, Hammad Azhar said that the government will also expand the “social protection programs” in the country to help the low-income groups.

Azhar said that the government managed to reach this level of economic growth because of the “prudent economic policies” that were followed despite the “negative impact of COVID-19”.

“This will not be temporary growth it will be sustained and further strengthened,” said the federal minister.

The minister said that during the first nine months of the current fiscal year, large-scale manufacturing grew by 9% and Pakistan in March only had made exports worth $3.2 billion.

Azhar said that the foreign exchange reserves of the country had reached $23 billion while remittances also increased by 39% in the current year.

The energy minister said that the cement industry has seen a record production of 17% while better crop prices have benefitted the farmers’ community.

Pakistan’s GDP Growth Is Estimated At 3.94%

Prime Minister Imran Khan on Friday told via the micro-blogging site Twitter that Pakistan’s GDP is estimated at 3.94%.

According to the Prime Minister, the National Accounts Committee has finalized the GDP growth estimate & GDP growth is estimated at 3.94%.

PM Khan said that this reflects the success of our govt’s economic policies while managing COVID 19 pandemic.

In the tweet, Prime Minister said,

“Our V-shaped recovery is balanced between 3 major sectors: agriculture, industry & services.”

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