巴基斯坦经济调查-46页-WN7.pdf
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1、During the outgoing fiscal year 2022-23 Pakistan has faced unprecedented challenges due to poor demand-driven policies of the previous government,devastating floods,and political uncertainty.In addition,the Russia-Ukraine war severely disrupted the global demand-supply balance which led to a commodi
2、ty super-cycle resulting in slow down of the global economic growth to 2.8 percent in the current year from 6.2 percent in 2021.Above all,the poor economic management of previous government led the country to a near-default situation by the time the coalition government took charge.Inconsistent poli
3、cies,unsustainable fiscal deficit,the exponential rise in public debt,economic uncertainties,and mounting circular debt have been the main ingredients of previous governments tenure.As such,the last fiscal year of the previous government alone witnessed an overall fiscal deficit of 7.9 percent,and a
4、 trade deficit of US$39.1 billion.The PMLN government has always proved its credibility by putting the economy on the right track.The investment in road and power infrastructure,in the first phase of the China-Pakistan Economic Corridor(CPEC),the significant improvement in Pakistans ranking by the i
5、nternational financial rating agencies,the merger of three stock exchanges into one Pakistan Stock Exchange(PSX)led to the increase in stock market capitalization to over US$100 billion,and the economic ranking at twenty-fourth(24th)global economy are just a few examples of the PMLN efforts.However,
6、the PTI government not only derailed the CPEC and reversed the other efforts but also exposed the country as an unattractive destination for foreign direct investment.During the current fiscal year,the coalition government including PMLN has attempted to stabilize the economy through fiscal consolid
7、ation measures,structural reforms and adoption of the optimal policy mix.As a result,by the Grace of Allah Almighty,the declining trend of economic indicators has stopped,whereas the coming fiscal year is expected to revive the growth toward its potential level,.In FY 2023,the government achieved si
8、gnificant economic gains in terms of improved external and fiscal indicators.As a result,even with a significant increase in debt servicing,the fiscal deficit reduced to 4.6 percent of GDP in July-April FY2023 against 4.9 percent for the same period last year,while the primary balance has been rever
9、ted from deficit to surplus.Furthermore,during the first eleven months of the outgoing fiscal year,the trade deficit is down by 40 percent and the current account deficit by 76 percent during July-April FY2023.The government had to take the tough decision of prioritizing imports to tackle macroecono
10、mic imbalances and stabilize the national economy.However,to correct the economic fundamentals,along with many other initiatives,the government has focused on improving food security by offering Kissan Package and an optimal support price,improving investor confidence,starting barter trade with Iran
11、,Afghanistan,and Russia,and increasing reliance on indigenous sources for electricity generation.The Economic Survey 2022-23 accounts for Pakistans economic performance during the outgoing fiscal year and the overall global as well as regional context in which the economy had to operate.It also prov
12、ides a perspective on the economic challenges and the policy direction that must be maintained to meet these challenges successfully.I congratulate and thank the Finance Secretary,the Economic Adviser,and the team for preparing this important document.It will serve as an invaluable information sourc
13、e for all stakeholders,including parliamentarians,policymakers,academia,and international development partners.Senator Mohammad Ishaq DarMinister for Finance and RevenueIslamabad,the 08th June,2023 The Pakistan Economic Survey 2022-23 presents an account of the countrys economic performance in the o
14、utgoing fiscal year in an overall global context.The survey reflects the resilience and strength of the Pakistan economy in the face of unprecedented challenges posed by the Russia-Ukraine war,the ever-worsening impacts of climate change,the escalating monetary tightening,and growing policy challeng
15、es.The countrys economic growth slowed in the outgoing fiscal year due to devastating floods,policy tightening and difficult but essential measures to tackle sizable fiscal and external imbalances.Floods caused extensive damage to agricultural land,livestock,roads,and other infrastructure,affecting
16、the output of crops and livestock.Despite the adverse impact of these factors,the Government of Pakistan took timely and effective policy measures for mitigating the socio-economic fallout and for supporting the economic recovery.The measures aimed at stabilizing the economy and tackling fiscal and
17、external imbalances.Through comprehensive reforms,fiscal consolidation efforts,agriculture sectors improvements,human resource development,and social welfare programs,the Government is firmly committed to continue the revival of the economy.The resilience and determination of the people,combined wit
18、h the governmental measures,would undoubtedly lead to a prosperous and inclusive future for Pakistan.I deeply appreciate the efforts of the Economic Adviser and his team for the timely preparation of this document.I trust that the Pakistan Economic Survey 2022-23 will be a useful document providing
19、meaningful information to decision-makers,academicians,policy experts,researchers,and other relevant stakeholders.Imdad Ullah BosalFinance SecretaryIslamabad,the 08th June,2023Pakistan Economic Survey is a yearly flagship publication of the Ministry of Finance which highlights the trend of macroecon
20、omic indicators,development policies,strategies,as well as sectoral achievements of the economy.The Pakistan Economic Survey 2022-23 presents a comprehensive analysis of the performance of different sectors of the economy.The document examines the factors contributing to this years growth and provid
21、es updated data on various economic and social indicators for the first nine to ten months of the current fiscal year.The statistical data were obtained from ministries of the Government of Pakistan,provincial departments,and various organizations.I would like to thank them for their valuable input.
22、Without their timely support,the Economic Survey would not have been completed.I would offer my gratitude to worthy Minister for Finance&Revenue,Senator Mohammad Ishaq Dar,Minister of State for Finance&Revenue,Dr.Aisha Ghaus Pasha,Special Assistant to the Prime Minister on Finance,Mr.Tariq Bajwa,Spe
23、cial Assistant to the Prime Minister on Revenue,Mr.Tariq Mahmood Pasha and Finance Secretary,Mr.Imdad Ullah Bosal,for their support and guidance during the preparation of the Economic Survey.I am also highly indebted to EA Wing officers and officials,HRM Wing,and Debt Management Office for their con
24、tinued support and hard work that led to complete the Survey well on time.Pakistan Economic Survey 2022-23 has greatly benefitted from the continuous engagement,discussions,and advice from senior officers of the Finance Division.Mr.Awais Manzur Sumra(SSF),Mr.Zulfiqar Younas(AFS),Mr.Tanvir Butt(AFS),
25、Mr.Ali Tahir(AFS),Mr.Aamir Mahmood(AFS),Mr.Amjad Mahmood(AFS),and Mr.Qumar Sarwar Abbasi(AFS).Ministry of Finance is communicating economic data,especially that of the Economic Survey to a broader audience especially citizens in an easy to understand and engaging manner.Summarizing key insights from
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