Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar has said that Pakistan recorded the highest rate of large-scale manufacturing (LSM) growth up to 9.29 percent since 2011, which will lead to overall industrial sector growth.
Khusro Bakhtiar said in his tweets on Saturday that the country has witnessed outstanding economic growth despite the worldwide economic slowdown due to effective policies of the federal government.
He said that GDP growth is predicted to be 3.9 percent in accordance with the recent report, whereas, the LSM recovery continues to expand with 9.29 per cent growth which is the highest since 2011 and will lead to an overall industrial sector growth rate.
Bakhtiar added that broad-based economic recovery amidst the pandemic is a manifestation of Prime Minister Imran Khan’s economic policies to revive industry and agricultural sector through fiscal stimulus and construction package.
In another tweet, the federal minister detailed that all major macroeconomic indicators have significantly improved.
Khusro Bakhtiar said that Pakistan produced the highest-ever wheat and sugarcane due to the agriculture package which improves the living cost in rural areas. He added after 8.4 percent growth this year, a boom in the construction sector will help achieve a 5 percent economic growth rate next fiscal year.
Earlier on Friday, the provisional growth of the gross domestic product (GDP) for the year 2020-21 was estimated at 3.94 percent during a meeting of the National Accounts Committee.
The provisional growth of GDP for the year 2020-21 is based upon growth estimates of the agricultural, industrial, and services sectors at 2.77 percent, 3.57 percent, and 4.43 percent, respectively.
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