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Pakistan to miss all key economic targets: Report

Livestock is the only sector with a positive story. Every other major sector - industrial, manufacturing, agricultural and service - is faring far below the intended targets.

Pakistan to miss all key economic targets: Report
Reuters File Photo

Pakistan's tattered economy is all set to continue with its haggard image as the country's economic survey has pointed to an extremely dismal outlook. According to Dawn, which accessed the country's Economic Survey of 2018-2019 before its official release on June 11, Pakistan's economic growth rate is pegged at 3.3 per cent - far lower than 6.3 per cent predicted by the previous government here.

According to the report, Pakistan will fail in nearly all sectors with the current government under Imran Khan unable to plug a gaping hole in the economy. Repairing the country's shambolic economy was one of the key promises on which Imran had won the election here in 2018. Among the worst-performing sectors highlighted is the industrial sector which had a growth of 1.4 per cent as against the target of 7.6 per cent. The service sector has also crawled at a growth rate of 4.7 per cent as against a target of 6.5 per cent. The construction sector could only manage a growth rate of 7.6 per cent although the target was 10 per cent. Food production is also likely to stumble with the agricultural sector growing at 0.8 per cent as against a target of 3.8 per cent. Production of rice, wheat and sugarcane has been massively hit with an official blaming unfavourable weather patterns for reducing sowing area.

The survey report largely blames delays in key decisions that required immediate attention. The long-drawn negotiations with the International Monetary Fund (IMF) did not help the case either although a bailout package was eventually chalked out.

The only sector, in fact, which has overtaken the target is livestock.

These indicators are only expected to further mount pressure on the current government which has been under incessant pressure from rival political parties. Imran recently said that he has inherited economic woes of past governments but it is an argument not many of his rivals are buying into. The dwindling state of the country's currency has also compounded troubles.