World Economy

Pak Growth Projected at 4.8%

Pak Growth Projected at 4.8% Pak Growth Projected at 4.8%

The economic growth in Pakistan is projected to accelerate from 4.5% in 2016 to 4.8% in 2017, says a World Bank report, APP reported. The growth would be supported by growing industry and services and greater investment as well as buoyed by low oil prices and substantial remittances. According to WB South Asia Economic Focus, sustained and inclusive growth with further acceleration will require tackling pervasive power cuts, a cumbersome business environment, and low access to finance through the successful implementation of tax and energy reforms. Discussing the economic outlook of overall South Asia, the report says the region shows resilience in the face of turbulent international markets and remains the fastest-growing region in the world, with economic growth forecasted to gradually accelerate from 7.1% in 2016 to 7.3% in 2017. The region’s economic performance prospects remain strong due to its limited exposure to global turbulence, coupled with increasing investment activity.