The State Bank of Pakistan (SBP) has said that after a year of hardship, the country’s economy is showing signs of improvement.
SBP has released its annual report for the financial year 2023, in which it has been said that the Pakistani economy will face various challenges in the financial year 2023.
According to the State Bank, the economic conditions were deteriorating from the second quarter of the financial year 2022. Floods, delays in 9th review and local uncertainty worsened the situation in FY2023.
According to SBP, the tightening of global financial conditions also worsened the situation in the fiscal year 2023, however, after a year of tightness, the Pakistani economy has started showing signs of improvement.
According to the State Bank, there was access to the IMF’s $3 billion standby facility, and the global economic scenario has also improved.
According to SBP, the fiscal deficit of the fiscal year 2024 will be 7 to 8 percent of GDP, the current account deficit will be 0.5 to 1.5 percent of GDP next year.
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