1/5 #SBP releases 3rd Quarterly Report on “The State of #Pakistan’s #Economy” for the year 2019-20. For full report:
English: sbp.org.pk/reports/quarte…
Urdu: sbp.org.pk/reports/quarte…
2/5 The Report finds that necessary stabilization fostered significant macroeconomic improvement and helped build buffers. These improvements provided valuable space to respond to the downturn since late March 2020 due to #COVID19, through timely fiscal and monetary stimulus.
3/5 Major progress had been made during Jul-Feb FY20 in curbing Pakistan’s fiscal and current account deficits. This was reflected in strong revenue growth, the historic and smooth policy shift to a market-determined exchange rate, and the significant build-up in forex reserves.
4/5 Following this period of necessary stabilization, encouraging signs of recovery emerged in the real economy, including manufacturing and exports. This made the economy better equipped to respond to the #COVID19 shock than it would have been two years ago.
5/5 The pre #COVID19 strengthening of Pakistan’s fundamentals, the prudent policy response to the outbreak, and continued international support should leave Pakistan well-placed to resume its earlier trajectory of recovery as the pandemic subsides.
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