Business

World Bank expects Pakistan’s economy to grow at 5.9 pc in coming years

The World Bank in its ‘Global Economy Report’ has mentioned that growth in Pakistan is expected to pick up at 5.5 percent in 2017-18. Economy to reach an average 5.9 percent in coming years.
The World Bank stated that growth will be possible on the back of robust domestic consumption. Furthermore, exports expected to show recovery with rising investment
The report further mentioned that the last six months of the FY 18’ have recorded robust growth as activity continued to expand. The growth in the economy has been supported by robust domestic demand with the help of strong credit growth and investment.
Activity remained strong especially in the construction and services sector, witnessing abundant growth in agricultural production on return of normal monsoon rains, it added.
Mentioning the imbalances, the report said that the Current Account continued to widen due to weak exports and buoyant imports. Fiscal slippages are the main risks to the economy, slippages expected owing to elections and weak tax revenues.