Asian Development Bank's report on recovery of Pak's economy is highly encouraging: Khusro Bakhtyar.
Makhdum Khusro Bakhtyar, Federal Minister for Economic Affairs welcomed the ADB's Asian Development Outlook Supplement (December, 2020) which highlights improvement in mobility and economic activities in Asia and the Pacific Region despite the persistent challenge of COVID-19.
In its ADO Supplement, ADB has also revised growth projections for South Asia from -6.8% to -6.1% for the year 2020.
While commending Pakistan's performance, ADB has stated that Pakistan's economy is recovering, particularly in the manufacturing and construction sectors, supported by the government emergency relief measures.
The Minister for Economic Affairs highlighted that Pakistan's economic performance is remarkable in the context of second wave of COVID-19 and persistent growth contraction worldwide.
With the pre COVID improvements in macroeconomic fundamentals and strong policy response during the pandemic helped us save lives and livelihood of the people.
The economy is poised to pick up from where it was before the COVID-19 outbreak,' he added.
As a result of government's strong support for industrial sector, especially construction and textile, Large Scale Manufacturing (LSM) has expanded by 4.8 percent (y/y) in the first quarter of FY2020-21 against a contraction of 5.5% in the same quarter last year.
The robust momentum of economic recovery is evident from growing production of cement, textile, automobile and home appliances in the first five-months of this fiscal year.
This revival of industrial growth has also created huge employment opportunities and surpassed the pre-corona level.
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