Survey : Economy in bad shape, GDP growth 2%

[Naveed Yaseen]

All sectors show decline except agriculture, reveals Economic Survey : Economy in bad shape, GDP growth 2%

By Sajid Chaudhry

ISLAMABAD: The Eeconomic Survey launched here on Thursday paints a dismal picture of the economy, revealing that major economic targets have been missed and gross domestic product (GDP) growth recorded at 2 percent against the target of 5.5 percent for the outgoing fiscal year – with all sectors but agriculture on the decline.

Adviser to the Prime Minister on Finance Shaukat Tarin launched the survey at the Planning Commission Auditorium.

The last fiscal year was meant to consolidate, and the government did that successfully, said Tareen.

“When we inherited the economy, it was getting out of control ... the government has paid the price in the shape of declining economic growth and unemployment in the country,” said Tareen. He said indicators showed poverty had gone up to around 30 percent in the country from 17.27 percent.

He also hinted that Pakistan had already finalised a plan for an additional loan of $4 billion in case the provision of $5 billion pledged by the Friends of Pakistan forum was delayed.

He hoped that 2009-10 would be a year of economic growth.

http://www.dailytimes.com.pk/default.asp...2009_pg1_8