ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) leaders Hammad Azhar and Asad Umar have slammed the Pakistan. Azhar lashed out at Finance Minister Ishaq Dar for presenting the pre-budget Pakistan Economic Survey 2022-23 Stating that he should have resigned along with the survey.
Condemning the PDM coalition government on Twitter, the former finance minister said: “The economic destruction that PDM has wrought in one year has not happened in a war or pandemic.” Meanwhile, PTI’s Umar termed the country’s economic decline as “disastrous”.
“GDP growth fell to 0.3% this year from 6.1% last year according to official figures. This is the biggest growth decline for Pakistan since 1971. Add to that the highest inflation in the countries history,” he wrote on Twitter.
The former minister reminded the government that “it is not working. It is time to rethink, reset and revive.” Since the ouster of their party chairman following a no-confidence vote in April last year, PTI politicians have come under fire for the economic policies of the Prime Minister Shehbaz Sharif-led government.
A day earlier, the finance czar presented the pre-budget survey during a presser in Islamabad as part of his first. Budget for the administration led by Shehbaz.
Analysts are eagle-eyed for any indication of a populist doll-out in the federal government’s budget, which will be announced today, and they will also try to ascertain whether the government is willing to follow the economic discipline required to enter another international currency. Fund (IMF) program.
According to Economic survey Pakistan’s GDP growth rate came to a crawl in the current fiscal year one of the worst in terms of meeting annual macroeconomic targets dragged down by volatile politics, catastrophic floods, trade barriers and an IMF bailout hanging over bare minimum foreign. exchange reserve
At the start of the presser, Dar reminded reporters of 2013 when the Pakistan Muslim League-Nawaz (PML-N) government took over. He explained that when the economy was in shambles, there was 18-hour load shedding and terrorism was on the rise.
“We followed our ‘three-E’ concept and Pakistan saw macroeconomic growth,” recalls Dar, adding that now we are focusing on the five-E’s exports, equity, empowerment, environment and energy. These are our five driving areas.
Key takeaways from economic surveys are as follows:
- Real GDP grew by 0.29% in FY23.
- GDP at current market prices stood at Rs84,657.9 billion in FY23, showing a growth of 27.1% over last year (Rs66,623.6 billion).
- Per capita income stood at $1,568 from $1,765 last year.
- Investment to GDP ratio was 13.6% in FY23 as compared to 15.6% in FY22.
- Agriculture sector growth is estimated at 1.55% in FY23.
- The industrial sector posted a negative growth of 2.94% in FY23.
- Services sector saw a marginal growth of 0.86%.
