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Results for “GDP” (13)

Hafsa Mustafa Posted in Politics

Pakistan's economy size reaches ‘highest-ever' level but misses growth target

Pakistan’s gross domestic product (GDP) hit its highest-ever size, but the South Asian nation missed its growth target due to external shocks, Finance Minister Muhammad Aurangzeb said on Thursday. “The GDP […] hit $452.1 billion, which is the highest ever in the country’s history,” the finance czar told a press conference in Islamabad as he unveiled the Economic Survey 2025-26, ahead of the upcoming fiscal year’s budget. Read More…

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Alina Hashmi Posted in World

Russia vs Ukraine: War has hit economies of both sides

The war has decimated Ukraine’s economy and put Russia’s under massive strain. After growing strongly on the back of massive military spending – up to 9 percent of GDP – Russia’s economy has slowed, posting just a 1 percent expansion last year. Oil and gas revenues – which provide roughly a quarter of state budget income – fell to a five‑year low last year, as a wave of Western sanctions and Ukrainian attacks on oil facilities crimped exports. Read More…

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Hafsa Mustafa Posted in Politics

Air pollution draining $22bn a year from Pakistan's economy: Sherry Rehman

Air pollution has been costing Pakistan $22 billion annually, an amount equal to 6.5% of the national gross domestic product (GDP), said Senator Sherry Rehman during a Senate meeting on Thursday. Chairing a meeting of the Senate Standing Committee on Climate Change, the senior Pakistan Peoples Party (PPP) leader highlighted the severe effects of climate change on the country's financial and human capital. Read More…

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Hafsa Mustafa Posted in Politics

Budget 2025–26: GDP growth target set at 4.2%

Federal government has set GDP growth target at 4.2 per cent in the budget 2025-26. The budget 2025-26 will be presented today in the National Assembly by Finance Minister, Muhammad Aurangzeb. According to details, the current account deficit for the next fiscal year is projected at 2.1 billion dollars, which equals -0.5% of GDP. The revised National Development Plan allocates over Rs4,223 billion for various development initiatives across the country. Read More…

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Alina Hashmi Posted in World

Israel budget deficit rises to 6.9% of GDP due to war costs

Israel posted a budget deficit of 19.2 billion shekels ($5.2 billion) in December, the Finance Ministry said on Monday, citing high expenses to finance the wars against Hamas in Gaza and Hezbollah in Lebanon. The deficit for all of last year was 6.9 per cent of gross domestic product, compared with 4.2 per cent in 2023. Nonetheless, the December figure was the lowest since March after reaching 8.5 per cent in the 12 months to September and falling to 7.7 per cent in November. Read More…

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Alina Hashmi Posted in World

Gaza GDP plummeted 81 percent: UN

Gazans lost two thirds of their jobs – more than 201,000 positions – in less than three months after the war began, the UN said. Gaza's gross domestic product “plummeted” by 81 per cent in the last quarter of 2023, said a UN report published on Thursday. This shrunk the Palestinian enclave's economy to a sixth of what it was in 2022, it added. The private sector has been decimated, with 82 per cent of businesses either “damaged or destroyed”. Read More…

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Hafsa Mustafa Posted in Politics

PM Sharif vows to take GDP to15pc in next 5 years

Prime Minister (PM) Shehbaz Sharif vowed to take Pakistan’s Gross Domestic Product (GDP) to 15 percent in the next five years. Chairing a high-level meeting on the Ministry of Finance, PM Sharif directed that a comprehensive plan for an increase in revenue should be formed without putting the burden on the common man. The prime minister said the federal government would strengthen the provinces by handing over all the relevant ministries and departments to the provinces, under the 18th constitutional amendment. Read More…

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Alina Hashmi Posted in Weather

"Climate change may cut Pakistan's GDP by 18pc to 20pc": World Bank

According to a report recently published by the World Bank, Pakistan’s annual economic output could see a cut of 18 percent to 20pc by 2050 due to climate change risks. "The combined risks from the intensification of climate change and environmental degradation, unless addressed, will further aggravate Pakistan's economic fragility; and could ultimately reduce annual GDP by 18pc to 20pc per year by 2050, based on the optimistic and pessimistic scenarios," it said. Read More…

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Alina Hashmi Posted in Business

Pakistan achieves 6% GDP growth: Economic Survey 2021-22

Islamabad: On Thursday, the incumbent government reflected upon the performance of the economy for the outgoing fiscal year with a growth of 6% against the envisaged target of 4.8%. Finance Minister Miftah Ismail chaired the launch ceremony of the Economic Survey 2021-22. The survey document released by the Ministry of Finance noted that though the economy recovered from the pandemic (a 0.94% drop in FY20) and maintained a V-Shaped recovery by posting real GDP growth of 5.97% in the fiscal year 2022, this high growth was "unsustainable" and had resulted… Read More…

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Sanniah Hassan Posted in Uncategorized

IMF forecasts 4% growth for Pakistan in FY 2021-22

The International Monetary Fund (IMF) forecasted Pakistan's GDP growth rate to remain steady at 4% in the fiscal year 2021-22. The IMF has warned in its report "World Economic Outlook October 2021" that significant inequalities in COVID-19 vaccination access and policy assistance in many developing countries might block their economic recovery. In September, the Asian Development Bank expected Pakistan's GDP to reach 4% in the fiscal year 2021-22 (FY22), as economic activity gradually returned in the second year of the COVID-19 outbreak. Read More…

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