Forbes praises Pak economic revival against initial projections

ISLAMABAD – Famous US magazine “Forbes” has appreciated the efforts of Pakistan to revive its economy despite the hurdles being caused by the Covid-19 pandemic.

In a report, the magazine has pointed out that even the big countries like the United States and India have had difficulty dealing with the coronavirus pandemic. “Pakistan has succeeded in reviving its economy which is expected to grow by nearly 4pc in 2021, exceeding initial projections,” the magazine reported.

Analysing the economic growth of Pakistan, the magazine said that The State Bank of Pakistan (SBP) had initially predicted a 3pc growth in GDP, while the International Monetary Fund (IMF) and World Bank had predicted 1.5pc and 1.3pc increases, respectively. “The country’s per capita income will rise 14.6pc from $1,405 in 2020 to $1,610 in 2021,” it added.

The magazine said the services sector—which is forecasted to grow by 4.43pc in 2020-2021—was responsible for the majority of the growth, adding that was certainly remarkable for a country like Pakistan which was becoming successful in expanding its services sector. “The agricultural sector’s predicted growth is 2.77pc, while that of the industrial sector is 3.57pc.”

Highlighting the steps taken by Pakistan for preventing the spread of Covid-19, the magazine said that the bleak situation in India, which has reported an incredible number of 28,441,986 cases and 338,013 deaths, had alarmed both government authorities and medical specialists in Pakistan. “Due to the increase in awareness caused by social media in Pakistan, Pakistani citizens have begun to wear masks, which they did not previously.”

The magazine pointed that the country had seen a surge in coronavirus cases during Eid-festival the previous year, adding: “The government was quick to move this time, imposing partial lockdowns, closing non-essential enterprises, and prohibiting domestic tourism, which helped the country avoid a spike in cases. However, the restrictions imposed have jeopardized the labor class’s livelihoods.”

The magazine also underlined Pakistan’s rigorous measures for vaccination of its population, saying: “The government hopes to have vaccinated 70pc of the population by the end of 2021. 5.3 million citizens have been vaccinated so far. With the help of CanSinoBio, a Chinese company, Pakistan has developed its own “PakVac” vaccine, bolstering the country’s vaccination program.”

Article source: https://nation.com.pk/07-Jun-2021/forbes-praises-pak-economic-revival-against-initial-projections