The Economic Survey Report for Pakistan will be released today, detailing the fiscal year 2023-24.
Sources indicate that the report will reveal the government’s failure to meet its economic objectives for the current fiscal year.
The annual report will comprehensively analyse the government’s economic challenges and shortfalls, particularly in achieving the growth and fiscal targets set at the beginning of the year. Among the key findings, the report is expected to confirm that the actual economic growth rate achieved was only 2.38%, significantly lower than the targeted 3.5%.
The survey will also highlight a substantial shortfall in the current account deficit, which exceeded the annual target by a wide margin, reaching $20.2 billion in just ten months against a planned target of $6 billion.
Although there was notable improvement in the production of major crops such as wheat, rice, and maize in the agricultural sector, the overall output increase was pegged at 16.8%. In terms of inflation, the country faced a higher rate than anticipated, with the annual average reaching 23.2% against a target of 21%.
The survey is also likely to address the performance in external trade metrics, where remittances fell short of the annual goal of $30.53 billion, reaching only $27 billion in 11 months. Similarly, exports reached $28 billion, failing to meet the $30 billion target. Import figures also remained below the expected $58.69 billion, totalling $49.80 billion.
Additionally, the industrial sector did not meet its growth target of 3.4%, and the trade deficit was reported at $21.73 billion, below the projected $28.66 billion for the year.
The release of this survey comes at a critical time as the government seeks to adjust its strategies to address these economic discrepancies and improve overall economic management.
