In its Annual Report on the State of Pakistan’s Economy for the Fiscal Year 2023–24, the State Bank of Pakistan (SBP) has shown indications of economic recovery, fueled by interaction with international financial institutions, enhanced agricultural productivity, and stabilization policies.
The study emphasizes how stabilization measures, fruitful IMF negotiations, and a positive global economic climate helped to improve macroeconomic conditions in FY24. A major factor in this recovery was the rise in domestic agricultural productivity, which included record harvests of rice and wheat as well as a resurgence in cotton production.
A Narrowing Current Account Deficit and an Economic Recovery Driven by Agriculture
Pakistan’s actual GDP growth indicated a modest rebound, with the agriculture industry leading the way. Strong growth allowed the current account deficit to fall to a 13-year low despite the comeback.
