According to the Economic Review Report, the economic growth rate of 6.3 percent was fixed by the former government, however, in the fiscal year ended by June, the economic growth rate is expected to be 3.3 percent and according to the Economic Survey Report 2019 PTI Government has failed to meet targets in nearly all sectors. Source said, the Government’s Economic Review report will be presented officially after budget 2018-19, but we have received few points of Economic Review report.
According to the data provided in the Economic Review report by Dawn News, there was slight improvement compared to the default goals in the livestock sector but there were fewer expectations in all other sectors. Growth rate in the industrial sector was fastened and that registered a growth of 1.4pc against the target of 7.6pc in spite of the fact that power generation observed an increase as some power plants and other power sector projects were completed.
The target growth rate for the manufacturing sector was fixed at 8.1 percent, but according to the report, 0.3 percent increase in the manufacturing sector and growth increased 2% in major manufacturing sector. The growth rate of the service sector has only 4.7 percent compared to 6.5 percent till the end of the current financial year. While the growth rate in the construction sector was 7.6 percent compared to 10%.
According to the report, institutes were affected due to delay in government decisions related to key policies, including the one about going to the International Monetary Fund (IMF) for a bailout package and those related to the construction and industrial sectors, created confusions among investors, experts believed.
Cotton output dropped by 12.7pc against 9.86 million bales in 2018-19 due to shortage of irrigation water, use of low quality inputs such as inferior seed and fertilizers at the early stage of the crop and reduction of 12pc in sown area. Rice crop, too, decreased by 3.3pc, sugarcane by 19.4pc against the last year’s production, while low water availability led to 3.1pc and 17.9pc reduction in the sown area for rice and sugarcane, respectively.
Responding to the criticism of the main opposition party, an official of the finance ministry said that ambitious targets were set by the outgoing PML-N government just before the General Elections, while the incumbent government took office in August 2018.