Despite Pakistan falling short of its GDP growth target, the nation’s Economic Survey for 2023-24 uncovers a remarkable trend: a significant surge in population.
Pakistan’s Finance Minister, Muhammad Aurangzeb, recently presented the Economic Survey 2023-24, outlining the nation’s socio-economic progress over the outgoing fiscal year. Despite aiming for a GDP growth rate of 3.5%, Pakistan fell short, achieving only 2.38%. This discrepancy was primarily attributed to underperformance in the industries and services sectors. However, the agricultural sector emerged as a beacon of growth, boasting a remarkable 6.25% expansion, marking the highest growth in 19 years and serving as a key driver of overall economic development.
In addition to the GDP figures, the survey indicated a notable reduction in inflation to 11.8%, coupled with a significant increase in GDP at current market prices, which surged to Rs.106,045 billion, representing a substantial 26.4% growth compared to the previous year.
Finance Minister Aurangzeb underscored the government’s dedication to addressing economic challenges, particularly by streamlining state-owned enterprises. He announced plans for the privatization of loss-making entities, including the national flag carrier, Pakistan International Airlines.
One striking aspect highlighted in the survey was the unexpected surge in Pakistan’s donkey population, which saw a notable 1.72% increase, reaching 5.9 million during the fiscal year 2023-24. This rise marks a steady progression from 5.5 million in 2019-2020, demonstrating ongoing growth in this sector. Furthermore, the survey reported increases in other livestock populations, including cattle, buffalo, sheep, and goats, showcasing the resilience of the agricultural industry amidst broader economic challenges.
