Pakistan is bouncing back stronger than ever. The GDP growth of 2.38% in FY2023-24 is attributed to careful policy management, renewed international support, recovery in major trading partners’ economies, and remarkable success in the agricultural sector.
In nominal terms, the economy grew significantly, reaching Rs 106.045 trillion, a 26.4% increase year-on-year. This translated to a per capita income of Rs475,281 ($1,680), reflecting a rise of 23.5% and 8.3% respectively.
The agriculture sector emerged as the champion, registering its highest growth (6.25%) in the last 19 years. This performance was driven by a surge in key crops like wheat, rice, and cotton (16.82% increase). The industrial sector also witnessed positive growth (1.21%), particularly in manufacturing (2.42%) and construction (5.86%).
The services sector, accounting for over half of the GDP, grew moderately at 1.21%. The Federal Board of Revenue (FBR) deserves a mention here, with tax collections jumping 31% to Rs8.13 trillion. This impressive performance reflects ongoing reforms and modernization efforts aimed at improving efficiency.
These positives are likely to continue as the country continues to commit to creating opportunities for people from all walks of life and garnering much international support. The effort includes generous allocations for National Development plans (valued at Rs 3.792 Trillion) and signing dozens of MoUs with China. There are also ongoing efforts to support the Pakistani IT industry as they contribute more and more to the country’s exports.
The fact is that despite the many positive changes this year, the nation shows no signs of slowing. Overall, the Economic Survey highlights the resilience of the Pakistani economy in the face of internal and external challenges. Along with progress, there are also sustained efforts being made to achieve higher growth rates, improve literacy, and bridge the gender gap for a more inclusive and prosperous future.
