The World Bank has declared that Pakistan has come out of the economic crisis, the growth rate will be 2.8% this year.
The World Bank has released the Pakistan Development Update Power Sector Distribution Reforms Report 2024.
According to the report, Pakistan’s GDP growth for the current financial year is estimated at 2.8 percent, while the current account deficit is estimated at 0.6 percent of GDP.
In the report of the World Bank, the financial deficit has been estimated at 7.6% of the GDP. The officials of the World Bank, while giving a briefing on the report, said that the GDP growth rate was 2.5% last fiscal year.
Officials of the World Bank said that the proportion of women in the labor force in Pakistan is the lowest in South Asia, while less mutual trade is taking place in the South Asian region, more trade is taking place outside the region.
Officials of the World Bank said that they do not think that crude oil prices will rise for a long time. Officials said that Pakistan’s credit rating has improved, inflation in the current financial year may be up to 11.1 percent, while the poverty rate will be 39 percent for the next two years. It is estimated to last until
Officials of the World Bank have suggested that Pakistan must meet its GDP growth, poverty reduction and growth is essential for employment, Pakistan is adding 1.6 million youth annually.
Officials of the World Bank termed the electricity prices as a challenge in Pakistan and said that the electricity transmission and distribution losses are 16.45%, Pakistan’s electricity distribution system is poor, the revolving debt of the power sector is a problem.
Officials of the World Bank said that the exchange rate has stabilized in Pakistan and foreign exchange reserves have improved, but Pakistan’s power sector has hindered economic development.
Officials said that the power generation sector in Pakistan lacked modern technology while power transmission and distribution also suffered from poor planning.
Officials of the World Bank have declared that the situation in the Middle East will have an impact on global trade and investment.
