Was 2022-23 Pakistan’s Worst Financial Year?
Was 2022-23 Pakistan’s Worst Financial Year?. 2022-23 was a difficult financial year for Pakistan. The country faced a number of challenges, including:
- A severe economic crisis, with high inflation and a depreciating currency.
- A political crisis, with the ouster of Imran Khan as Prime Minister and the installation of a new government led by Shehbaz Sharif.
- A natural disaster, with devastating floods that caused widespread damage and loss of life.
These challenges led to a number of negative economic indicators, including:
- A decline in GDP growth.
- A rise in unemployment.
- A widening trade deficit.
- A decline in foreign exchange reserves.
The government has taken a number of steps to address the economic crisis, including:
- Seeking a bailout from the International Monetary Fund (IMF).
- Introducing austerity measures, such as tax increases and spending cuts.
- Trying to boost exports.
It is still too early to say whether these measures will be successful. However, the government has made some progress, such as reaching an agreement with the IMF for a bailout package.
It is possible that 2022-23 was Pakistan’s worst financial year. However, it is also possible that the government’s measures will be successful and the economy will start to improve in the coming years.
This paltry growth came on the back of 1.55%, -2.94% and 0.86% growth in the Agriculture, Industry and Services sectors respectively, all three missing their targets comprehensively.
Most notable was the 2.94% contraction in the industrial sector against a target of 7.1% growth. The survey pointed out that Pakistan registered inflation of 28.2 per cent against 11 per cent in the same period last year.