ISLAMABAD: The government’s economic team headed by Finance Minister Ishaq Dar told Prime Minister Shehbaz Sharif while presenting Economic Survey 2022-23 that there is no quick fix, but decline of economy has been stopped and risk of default has been averted.

He maintained his argument, however, that rupee’s real value is in 240s against dollar. “We have stopped decline of economy and have prevented Pakistan from default. Now our objective is 3.5 percent growth for next year,” said Dar. “Baseline is core inflation, which is in range of 16-20 percent. orld over core inflation is followed and not headline inflation,” he added.

Unveiling Economic Survey, the finance minister said that the fiscal year 2022-23 was difficult year for economy. There are 17 chapters in economic survey on different sectors of economy. Report discusses in detail sectoral, socio-economic development, agriculture, manufacturing, energy, IT, capital market, health, education and transport sectors. Pakistan was 24th largest economy in 2017, but has now dropped to 47th position,” said Ishaq Dar, adding, “For restoration of economy, we have made plan, our objective is to restore macroeconomic stability, we need to bring it back to what it was in 2017.” Higher international commodity prices (crude oil, edible oil, pulses etc), global supply disruptions, damages of major and minor crops due to flood, currency depreciation, administrative price adjustment and political uncertainty are major factors responsible for high inflation, said Dar.

Published in The Daily National Courier, June, 09 2023

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