Macro stability, but at what cost?
At the release of the Pakistan Economic Survey for FY24 on Tuesday, Finance Minister Muhammad Aurangzeb boasted of the economic stability achieved during the outgoing fiscal year. The nation’s GDP is estimated to grow by 2.38pc against a contraction of 0.2pc in FY23, the current account deficit has been contained to an estimated $200 million against the projection of $6 billion, foreign exchange reserves have increased to nearly $9 billion from just enough to pay for two weeks of imports at the end of June last year and the country has reduced its fiscal deficit (by producing a primary surplus, the minister explained.