Pakistan economy to grow by 4.5 percent

December 6th, 2008 - 5:24 pm ICT by IANS  

Islamabad, Dec 6 (Xinhua) Pakistan’s economy during the 2007-2008 fiscal year is expected to grow by 4.5 percent while the inflation rate is to vary between 20 percent and 22 percent. The country’s central bank, State Bank of Pakistan (SBP), said that exports for the fiscal year are expected to remain in the range of $21.50 billion-$23 billion.

In its annual report for the fiscal year (July 2007-June 2008), the SBP said that the economic growth rate during the year was originally planned at 5.8 percent, short of the target by 1.2 percent.

It said that the current account deficit is likely to remain between 6.2 percent and 6.8 percent.

The report further said that the remittances from expatriates may fall short by $200 million from the expected $7.70 billion.

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