Friday, 21 July 2017

GDP Growth Beats ADB’s Projection For 2016-17

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The Asian Development Bank (ADB) said Pakistan's economic growth rate (2016-17) surpassed international lending expectations three months ago.

The Asian Development Outlook (ADO) released in April predicted GDP growth of 5.2% in 2016-17. In contrast, according to an economic survey released by the Treasury, the growth rate reached 5.28 percent, the highest in nine months.

The ADO supplement, published by ADB on Thursday, said the country's economic growth was backed by sustained recovery in agriculture and steady growth in services, as well as the revival of agriculture. Strong private consumption has made the biggest contribution to growth.

The report predicts that South Asia's economic prospects will be solid and will increase by 7% in 2017 and 7.2% in 2018. ADB projected a growth rate of 5.5pc in Pakistan in 2017-18.

According to the ADB report, Asia 's developing economies' prospects for economic growth in 2017 recovered to stronger export demand in the first quarter of this year. We also upgraded the region's growth outlook from 5.7pc to 5.9pc in 2017 and from 5.7pc to 5.8pc in 2018. The rising exchange rate in 2018 reflects a cautious view on the sustainability of this export promotion.

"Asian development is a good start with export improvements that boost growth prospects for the rest of the year 2017," said ADB chief economist Yasuyuki Sawada. "Despite uncertainty over the strength of the global economic recovery Nonetheless, we think the local economy is facing a potential impact on the prospects. "

The combined growth of major industrial economies is expected to remain at 1.9% in 2017 and 2018. The slowdown in US growth was offset by 2.2% as the outlook for the euro area and Japan improved due to sluggish domestic demand.

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