Karachi: Asian Development Bank (ADB) in a statement on Friday said Pakistan’s economy had grown besides a decrease in external trade, reported a local newspaper.
According to a report from ADB, export of goods and services as a percentage of GDP had fallen since the last six years, while imports had grown manifold during the same period.
The Key Indicators for Asia and the Pacific 2017’ published by ADB reported that Pakistan’s household consumption had been recording a healthy growth on a yearly basis.
Household consumption expenditure to GDP ratio was reported at 80pc, according to ADB. Private sector banking credit according to the report forms half of GDP in comparison to more than 100pc in Fiji, Vietnam, Australia, China and Japan.
Pakistan is among the biggest recipients of official development assistance (ODA) from ADB in the agricultural segment receiving $291.7m in aid during 2015.
Value-addition of agriculture sector to GDP ratio was recorded at 24.9pc during 2016, where acreage is said to cover fifty per-cent of the land.
Non-performing bank loans to GDP ratio is one of the highest in the region behind Maldives and Afghanistan, the report said.
Financial and technical assistance from ADB on an average basis has stood around $744m during 2008-2015. Forest area coverage is an abysmal 1.9pc of total land area, amongst the lowest in the region, said the ADB report.
Gross capital formation as a percentage of GDP fell during the last six years and non-infrastructure investment constituted 63pc of gross capital formation.
ADB in its report said that Pakistan’s stock market was among the best performers in the region. Also, the country’s external debt to gross national income ratio was reported to be less than 50pc.
The report further said, “In Pakistan, an improved growth outlook—supported by better security, macroeconomic stability, and strengthened economic fundamentals—was reflected in a sovereign rating upgrade from Standard & Poor’s and significant gains in share prices of 13.2 percent on an annual basis.”
