The first quarter of FY2024 demonstrates that the economy is yielding positive results from the development and government stabilization measures. In real sector of the economy, Cotton and Rice production for 2023-24 has posted exceptional growth of 126.6 and 18.0 percent, respectively. Similarly, LSM increased by 2.5 percent on YoY basis in Aug-23 and on MoM basis, it bounced back by 8.4 percent against the decline of 3.7 percent in July. Moreover, the external account has improved considerably and foreign exchange buffers are being built up. At fiscal front, the government’s commitment to fiscal consolidation efforts and maintaining fiscal discipline is evident through better fiscal accounts during Jul-Aug, FY2024.
In the coming months, it is expected that overall economic activity will remain positive throughout the outgoing fiscal year due to a rebound in domestic economic activities and improvement in inflationary pressures. Moreover, recent coordinated efforts by the government organizations to address macroeconomic imbalances, will gear towards achieving stabilization in the coming months and realizing sustainable and inclusive economic growth in the medium to long-term. https://tinyurl.com/3tjb5uz6
Source: IBP