Fueled by imports and consumption, Pakistan’s economic growth rate accelerated to 6% during the last year of Imran Khan’s government, the highest rate in four years, helping to increase the size of the nation’s economy to $383 billion besides increasing per-capita income.
The provisional Gross Domestic Product (GDP) growth rate for the year 2021-22 is estimated at 5.97%, announced the Planning Ministry after a meeting of the National Accounts Committee. The broad-based growth was witnessed in all the sectors of the economy, it added. The GDP is the monetary value of all goods and services produced in a year.
The nearly 6% growth rate is higher than the official target of 4.8% and far higher than the estimates of the Ministry of Finance, State Bank of Pakistan, International Monetary Fund, World Bank, and the Asian Development Bank.
The figure is provisional and subject to variations once the final results are available at the end of the fiscal year. The economic growth rate during the last two years of the PTI rule was slightly better than the PML-N’s last two years but both the governments failed to address structural problems of Pakistan’s economy.
An attempt had been made to downplay the growth figures in the last year of the PTI government but the authorities dropped the plan after a report appeared in The Express Tribune.
The details showed that the massive surge in imports and consumption greased the economic growth rate, which has already triggered a serious external sector crisis – an identical pattern witnessed in 2018 when the country fell in the lap of the International Monetary Fund.
The 6% growth rate at the end of the PTI government was the highest in four years. Last time, the country attained a 6.1% growth rate in 2017-18 – the last year of the PML-N rule, which had also been driven by consumption and imports and took the country back to the IMF.