ISLAMABAD/MANILA – According to the annual report of Asian Development Bank, Pakistan’s economy situation is not favorable due to energy crises and security issues, PakistanTribe learnt through ADB reports.
The Asian Development Bank (ADB) has in its annual report that Pakistan’s economic growth is very less than other sub regions.
The report “Asian development outlook review 2015” is released was released with the analysis that Pakistan’s economic growth rate this year is expected to be 4.2 percent that is lowest in south Asian region. While the rate of inflation until the end of fiscal year will be approximately six percent.
It further says that India’s economic growth rate is expected to be 7.8 and that is more than china.
The report reviews that in international market, the crude oil prices are low so Pakistan should take advantage of it and focus on reforms in order to achieve sustainable economic growth.
The report suggests that Pakistan should bring reforms in energy sector, widen the taxes and privatize the state enterprises.
Country Director of Asian Development Bank said at the launch of report that Pakistan could not restore the confidence of international investors due to security problems. Defense budget is increased because of the military operation in Pakistan which affected the funds allocated for major projects of public welfare.
Bank says in Pakistan energy crises, circular debt, revenue loss and huge expenses on security can be a threat to its economy.
Givng suggestions, ADB suggests that to avoid economic problems, Pakistan should make some improvements in its energy, employment sector as well as in the production sector.
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