Pakistan’s economy showing early signs of a turnaround – central bank

The economy of Pakistan has entered a growth phase, Reza Baqir, governor of the State Bank of Pakistan (SBP), has said. He added that the economy has recently stabilized.

“We can say with confidence that we have put the worst behind us,” Baqir said at the CEO Summit Asia 2020 as quoted by the Tribune.

“Exports of the country grew 4.5 percent in the first half of [the] current financial year,” according to the banker. He noted that exports to some countries such as India, Thailand, Indonesia and Malaysia have fallen.

“Businesses of the country hold a very bright future,” Baqir said, adding that the public sector significantly supported the growth of the private sector.

He also noted the central bank’s input in the growth of economy and exports. He added that Pakistan’s stock market has paid “a return of up to 12 percent on investments by foreign investors.”

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Baqir also said that the country’s industrial growth would get a major boost with the development of the China-Pakistan Economic Corridor (CPEC).

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