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Pakistan expects GDP growth to slow to 5% amid fiscal consolidation

Pakistan GDP growth will slow to 5% for the upcoming fiscal year beginning on July 1, from 5.9% in the outgoing year, following budgetary tightening aimed at winning International Monetary Fund (IMF) support, the government said on Saturday. “Keeping in view external and local uncertain economic environment, GDP growth will slightly taper off and is envisaged at 5 percent for 2022-23 on the back of agriculture (3.9%), manufacturing (7.1%) and services sector (5.1%),” said the ministry in a working paper seen by Reuters. The paper said the fiscal consolidation will be pursued to bring down the deficit through a combination of expenditure management and revenue enhancement.

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