Pakistan has witnessed a wave of positive economic indicators, marking a prosperous trajectory in the financial year 2023 – with remarkable feats across various sectors.
In the fiscal year 2023, Pakistan is riding a wave of positive economic indicators, unveiling a trajectory of prosperity marked by significant accomplishments across diverse sectors.
Key Highlights
Pakistan's foreign exchange reserves experienced a substantial surge, escalating by $67 million weekly to an impressive $7.7 billion.
Outward remittances through the Roshan Digital Account peak at $6.75 billion in October 2023, showcasing the triumph of digital financial initiatives.
The nation attracts noteworthy foreign investment, totaling $126.3 million, prominently underscored by recent investments from China.
Bank deposits reached an unprecedented pinnacle, soaring to a record high of 26.23 trillion in October 2023, reflecting heightened confidence in the financial sector.
Acknowledging Pakistan's improved economic conditions, the International Monetary Fund (IMF) extends substantial support with the approval of a $70 billion loan.
The stock exchange achieved remarkable milestones, surpassing 57,000 points in October 2023, reflecting a bullish market and robust investor confidence.
Pakistan witnessed a significant upswing in agricultural production, registering an overall increase of 73%. Notably, cotton production experienced an extraordinary surge of 126.6%.
Following a resolute crackdown against electricity theft, the government successfully recovered 46 billion rupees.
The IT sector sees a noteworthy 3.3% increase in exports, solidifying Pakistan's standing in the global tech market.
The International Monetary Fund, in its World Economic Outlook report, foresees promising economic progress for Pakistan, projecting a 2.5% GDP growth rate in 2024.
Furthermore, China and Pakistan solidified their alliance with agreements spanning trade, communication, transport, food security, media, urban development, capacity building, climate change, and vaccine development.
