The World Bank and Bloomberg have confirmed in their reports that the effects of economic stability are becoming evident. The reports presented by the World Bank and reputable global financial news agency Bloomberg suggest that there has been an increase in growth rate and the economy has started showing progress. It is predicted in these reports that there will be a double increase in the growth rate in the current financial year compared to the next financial year, indicating gradual improvement.
According to the World Bank’s report, analysis presented by Bloomberg shows a possibility of an 11% decrease in the inflation rate in the next financial year. The IMF’s new bailout program will further accelerate economic growth and strengthen it. According to Bloomberg’s report, the inflation rate has reached its lowest at 20.7% in the past 22 months, indicating a downward trend in inflation rate after two years. During the upcoming financial year starting from July, Pakistan will need $24 billion in external financial assistance.
It is worth mentioning that during the 16-month tenure of Prime Minister Shahbaz Sharif, difficult decisions were made to save the country from economic default. The coalition government led by Prime Minister Shahbaz Sharif revived the IMF program and as a result of Stand-by Arrangement, the path to economic stability was smoothened.