Pakistan Economy_Economic Survey 2021- Increased visibility on growth, (AKD Daily, Jun 11, 2021)
AKD Daily
Pakistan Economy: Economic Survey 2021- Increased visibility on growth
- Pakistan Economic Survey was released yesterday, entailing reforms undertaken by the authorities during consolidation phase, Govt.’s actions to dilute the impact of COVID-19 (both economic and social front—PkR179.3bn disbursed) and the consequent gains in the form of growth.
- Provincial estimates of GDP indicate FY21 growth of 3.94% vs. –0.47% in FY20, though conservative in our view, backed by Agriculture, Industrial, and Services sector recording growth of 2.77%, 3.57%, and 4.43% respectively.
- The growth comes amid improvement in economic fundamentals where fiscal deficit remains toned down to 3.5% of GDP in 9MFY21, while current account exhibits a surplus of US$0.8bn. The economic transformation has also been lauded by international investors as indicated by 6x subscription in Green bond worth US$500mn launched recently.
- KSE-100 index has recorded the strongest pre-budget rally since FY14 (+6.8% in the past one month) where the trend is likely to continue in the near term with Govt. likely to continue to its pro-growth policies in FY22 budget. Sector wise, refineries and auto-allied are expected to lead (on possible new policy announcements) while construction chain should continue to remain in limelight.
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