Ishaq Dar presented economic survey for fiscal year 2023

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ISLAMABAD: Finance Minister Ishaq Dar presented the economic survey for the fiscal year 2023 at a press conference in Islamabad on Thursday, which notably showed that the country’s industrial sector contracted by around three per cent.

Before presenting his government’s economic performance for the year, the minister went on a diatribe explaining the difficult condition in which the Pakistan Democratic Movement (PDM) had inherited the economy.

He claimed that he had left Pakistan in a strong economic position in 2017, when he last served as the finance minister under PML-N supremo Nawaz Sharif, saying that his topmost priority at this stage was ensuring macroeconomic stability.

Dar said he had previously championed a 3Es framework, adding that it was now being expanded to a 5Es framework focusing on exports, equity, empowerment, environment and energy.

“These are our five driving areas and we have made our roadmap for the next year based off them.”

According to documents shared by the minister, Pakistan achieved Gross Domestic Product (GDP) growth of 0.29pc for the outgoing fiscal year, missing the target of 5pc by a wide margin.

This paltry growth came on the back of 1.55pc, -2.94pc, and 0.86pc growth in the Agriculture, Industry, and Services sectors respectively, all three missing their targets comprehensively.

Most notable was the 2.94pc contraction in the industrial sector, against a target of 7.1pc growth.

The finance minister said the government’s aim was to take the back “to the path of progress where the country had reached in 2017”.

Dar said the government’s focus was on achieving macroeconomic stability along with moving on a “resilient and inclusive growth trajectory”, adding that it should be sustainable without maldistribution of resources and wealth.

“If we do all this then investor confidence will build up, market nervousness will improve and perceptions about Pakistan will also become better.”

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