Wednesday, December 14, 2005

Pakistan’s economy doing well: Moody

LONDON: Pakistan's economy has continued to ‘perform strongly’ and its 8.4 percent growth is the fastest in two decades, said a report released by Moody here on Tuesday.

“Pakistan's economy has continued to perform strongly with real GDP growth accelerating to 8.4 percent in 2004/05 (fiscal year ending June), its fastest rate in two decades,” said Moody's report.

In its report Moody said that “key reforms include privatization and restructuring of the banking sector, liberalization of the trade and exchange rate regime, and the ongoing disinvestment of several loss-making public enterprises.

These policies have contributed to a marked improvement in productivity and in consumer and investor confidence, which should help to support growth at a robust level over the medium term.”

Agriculture accounts directly for around 22 percent of total output and indirectly for a further 12 percent, with around two-thirds of Pakistan's manufacturing out put related to cotton and other agricultural inputs, it said.

Meanwhile, textiles make up around 60 percent of total exports. An improvement in weather conditions since the drought of 2000-02 has been a significant driver of the recent economic recovery

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