Corona slows industrial growth by 22%: State Bank of Pakistan

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Baaghi TV: Due to the corona virus, the government’s fiscal deficit will remain high in the short term with a package of Rs 1.24 trillion at the end of the third quarter.

According to the SBP’s third quarterly report, the economy was improving due to stability from July 2019 to February 2020, while fiscal and current account deficits were also under control.

According to the report, foreign exchange reserves have increased but the situation has changed due to the Corona epidemic. The growth rate of large-scale industries had fallen to 22% in March. The services sector was badly affected, but the agriculture sector was not.

Due to the economic slowdown and unemployment, the government gave a package of Rs 1240 billion at the end of the third quarter and the central bank reduced the policy rate by 625 basis points and launched three refinancing schemes for economic recovery.

The SBP report said that the decline in demand and lower oil prices after Covid-19 has reduced the chances of inflation.

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