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Pakistan's economic growth rate slowed down to just 1 pc in Q2

IANS | March 29, 2024 05:16 PM

ISLAMABAD: Pakistan's economic growth rate has slowed down to just 1 per cent 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 emphasises 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 per cent, according to the country's National Accounts Committee (NAC).

The government body responsible for finalising the national accounts noted that the industrial sector contracted 0.84 per cent during the second quarter against the same period a year ago, The Express Tribune reported.

The services sector was almost flat at 0.01 per cent growth.

The country's population is increasing at a pace of 2.6 per cent 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 programme for a long period and is implementing tight fiscal and monetary policies.

The growing inflation has also taken a heavy toll on the businesses as well as the people, limiting their ability to purchase goods.

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