Pakistan’s economy has shown signs of recovery in the third quarter of the 2023-2024 financial year, with the gross domestic product (GDP) expanding by 2.09%. This growth is primarily attributed to a strong performance in the agriculture sector, aiding overall economic improvement.
The agriculture sector recorded an impressive 6.25% growth, driven by bumper harvests in wheat, cotton, and rice. The robust agricultural performance offset slower growth in the industry and services sectors, both of which registered a modest 1.21% increase.
Pakistan’s central bank has projected a real GDP growth of 2-3% for the current fiscal year 2024, indicating a positive economic outlook. The improvement in economic conditions is attributed to the government’s efforts to stabilize the economy, including implementing structural reforms in compliance with the International Monetary Fund’s bailout program.
The positive GDP growth in the third quarter provides optimism for Pakistan’s economic recovery. The country has faced economic challenges in recent years, including political unrest, inflation, and currency devaluation. The growth in the agriculture sector is a positive sign, indicating resilience in the face of these challenges.
The government’s focus on economic stabilization and growth-oriented policies is expected to contribute to continued economic improvement in the coming quarters. The agriculture sector is expected to remain a key driver of growth, supported by government initiatives to enhance agricultural productivity and market access. The industry and services sectors are also expected to contribute to economic expansion as the overall business environment improves.
