Q3 is also suspect
EDITORIAL: Pakistan’s economy rose by 2.4 percent during the third quarter of the current fiscal year (July-March...
www.brecorder.com
"It is important to note that the growth of 2.4 percent for the third quarter remains suspect for two reasons. First, the administrative measures to meet the IMF condition of ensuring full-cost recovery of poorly performing utilities has raised input costs across the board, which together with tight monetary policy (11 percent discount rate remains higher than the regional average) accounts for negative large scale manufacturing sector growth.
And the IMF condition to withdraw industrial incentives (export specific or more general) as well as federal and provincial governments no longer engaging in announcing a support price for some major crops is likely to reduce output next fiscal year. The major growth prospect remains the Public Sector Development Programme, which, historically, is mercilessly slashed as and when the authorities fail to meet the budget deficit target."