Published On: Tue, Jan 23rd, 2018

Pakistan Economic Growth 2017-18 Target Set To 6% By SBP

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Pakistan Economic Growth 2017-18

The State Bank of Pakistan has recently announced that we are very hopeful that we will attain the growth target of 6% for the year 2017-18. It is being announced that Pakistan Economic Growth 2017-18 will be substantially derived from the increase in the purchasing power of consumers due to increased income level, that will boost sales and simultaneously the market activities.
State bank indicated that we are exploring areas which can help us in increasing our foreign exchange earnings by enhancing our exports and also addressing issues to ensure sustainable growth. Although the national exchequer did raise revenue from export and foreign direct investment it was not substantial enough to set off deficits in the account.
The light was also shed in Pakistan Economic Growth 2017-18 by SPB report regarding the progress of revenue collection and it was informed that tax collection has improved but we still need advance means of technologically sound approaches to expand our tax net.
The SBP has furnished the basic factors that helped to improve the exports. They included, the electricity needs are met sufficiently, increase in the demand for goods and hike in product prices globally, also the depreciation of exchange rate has also influenced the overall exports.
Lower prices have improved the economic activities and with significant contribution from agriculture sector with other healthy economic indicators like low inflation rates and stable exchange rates have ultimately resulted in increased level of income. And it is estimated that inflation rate will be below six percent during the year 2017-18.

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