Islamabad, March 29 (IANS) Pakistan’s economic growth rate has slowed down to just 1 percent in the second quarter of this fiscal year because of the poor performance of the industrial and services sectors, local media reported.
The slow growth rate also emphasizes the negative impacts of the prolonged contraction policies that have also caused high unemployment, The Express Tribune reported.
The overall economic growth rate during the second quarter (October-December) of the current fiscal year remained at 1 percent, according to the country’s National Accounts Committee (NAC).
The government body responsible for finalizing the national accounts noted that the industrial sector contracted 0.84 percent during the second quarter against the same period a year ago, The Express Tribune reported.
The services sector was almost flat at 0.01 percent growth.
The country’s population is increasing at a pace of 2.6 percent annually, and any growth rate below this means that the country saw a surge in poverty, unemployment, and malnourishment.
It has been under the IMF program for a long period and is implementing tight fiscal and monetary policies.
The growing inflation has also taken a heavy toll on businesses as well as the people, limiting their ability to purchase goods.
–IANS
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