The national economy is steadily progressing along a promising path toward recovery, propelled by the momentum of economic revival initiatives that are fostering a significant surge in economic activity. According to the Monthly Economic Update & Outlook November 2023, released by the Ministry of Finance (MoF) on December 05, 2023, the positive economic signals and recovery indicators have triggered the market sentiment, propelling the KSE-100 index of PSX by 33 percent in November, surpassing the 58199-point mark for the first time in history.The government expects remittances to recover in October 2023, as spreads between the interbank and open market have reduced below 1 percent. However, global inflation has impacted the disposable incomes of overseas workers, resulting slowdown across the board, particularly Bangladesh, India, and the Philippines. The monetary policy rate was maintained at 22 percent, owing to the significant performance of high-frequency indicators and improved inflation outlook. Overall, positive economic signals and recovery indicators steering the improvement in the GDP outlook for the fiscal year. https://tinyurl.com/2b4tkd9j
Source: IBP