Senior economist Vice Chancellor Punjab University Dr Zafar Moin Nasir has said that the overall size of Pakistan’s economy had crossed the threshold of $300 billion during the current year.
According to VOA, the chancellor said while the gross domestic product (GDP) growth rate target for the upcoming year (2017-18) has been fixed at 6 percent and target would not only be achieved but also exceeded.
He said during the outgoing year (2016-17), the agriculture sector posted a growth of 3.5 percent, which was a positive sign.
Dr. Zafar said that there was optimism in the surveys of the international financial institutions like International Monetary Fund (IMF), World Bank about Pakistani economy and it encouraged the industrial sector growth in the country added that due to improved security situation, the economic conditions have started moving to the positive directions.
He added that the Agriculture sector is the backbone for Pakistani economy and products of agricultural sector also matters a lot for revival of industrial sector.
Furthermore, the government is making efforts on water management for agricultural sector and i hope that positive outcomes will come out in near future.
He added that Pakistan’s economic growth is not bad as compared to the growth achieved by other regional countries in the outgoing fiscal year.
“Current 60% economy bases on services sector; however, the government has gained a number of good economic foundations which may ease the government to allocate more funds for public sector”, he added.