Pakistan's Economic Turnaround: A Journey Towards Recovery

Pakistan is witnessing a resilient economic recovery, with significant improvements reported in the latest Economic Survey 2024-25. Finance Minister Muhammad Aurangzeb highlighted how the GDP growth rate rose impressively from -0.2% in 2023 to 2.5% in 2024, indicating a path to sustainable development.

A vital factor contributing to this recovery is the robust performance in macroeconomic indicators. Strong IT exports and a surge in remittances, projected to reach $37–38 billion by year-end, have bolstered the current account with a $1.9 billion surplus for FY25. This recovery is further supported by enhanced foreign exchange reserves, which have surged to $16.64 billion.

The survey unveiled plans to privatize 24 state-owned enterprises, aiming to curb previous losses. Agriculture, construction, and services sectors also reported growth, underscoring a comprehensive recovery. The positive outlook promises a fiscal year focused on IMF compliance, increased revenue, and further reforms for sustained economic growth.

(With inputs from agencies.)