Budget deficit reached 3% of GDP.. Confirmation in the Economic Outlook Report
51% increase in federal government revenue.. And the expenses increased by 44.6 percent.
ISLAMABAD ( Web News )
Economic outlook report of the Ministry of Finance has been released on the economic performance of the current fiscal year, according to which the budget deficit has reached 3 percent of the GDP in the first 8 months. The report said that the economic growth was affected due to the geopolitical situation, the increase in prices in the global market. In 8 months, the income of the federal government increased by 51%. And the expenses increased by 44.6 percent. It should be noted that at the beginning of this month, the United Nations predicted an acceleration in the pace of economic development of Pakistan during the current and next year, and the GDP growth rate in 2024 and 2025. 2 percent and 2.3 percent, respectively. The United Nations predicts an acceleration in the country’s economic growth during the current and next year, with GDP growth rates of 2 percent and 2.3 percent in 2024 and 2025, respectively. percent. In the main economic survey of the United Nations, inflation, which was 26 percent in 2024, has also been promised to be reduced to 12.2 percent in 2025. The United Nations Economic and Social Commission for Asia and the Pacific (UN The 2024 Economic and Social Survey of Asia and the Pacific Region (ESCAP) noted that Pakistan’s economy was facing political unrest that had negative effects on business and consumer sentiment, while in 2022 The devastating floods affected agricultural production. It noted that support from China, Saudi Arabia and the United Arab Emirates, in addition to an agreement with the International Monetary Fund in mid-2023, would help restore economic stability during 2023. Provided. The survey indicated that Pakistan’s economy is undergoing a process of stabilization through fiscal adjustment with various measures such as removal of energy sector subsidies. The survey recommended for the entire region that development projects The money will require a massive increase in tax revenue in addition to better tax and administrative policies as well as socio-economic development and overall improvement in public administration. It emphasized that the developing Asia-Pacific region Governments of countries urgently need low-cost and long-term financial assistance, many of which are struggling to pay off debt in an environment of high interest rates or to invest in the education, health and social security of their people. The survey also recommends better public tax collection, which will not only help close the tax payment gap but also reduce financial risks and borrowing costs.