The Government releases Economic Survey of 2019-20 and showcases an increase of 100,000 donkeys in country in the last year.
There are a total number of 5.5 million donkeys. It seems to be a very small number for a population of 220 million people.
The overall state of economy is badly collapsing as corona virus hits the major sectors. It includes agricultural and industrial output, the local buying capacity and exports of Pakistan.
Cites how 2020 has been a bad year from the beginning. As protests began in Hong Kong, the Brexit took place in UK and US-China pulled into a trade war.
PTI Government helps increase number of donkeys in Pakistan. It turns out in a report from Ministry of Finance. The report reviews the overall economy of the country for the fiscal year 2019-20. The report cites several challenges to the economy. But, iterates the Covid-19 as key contributor to worsening economy of Pakistan.
The provisional GDP growth rate for the fiscal year 2020 is at -0.38 percent. This is a result of a decline in the agricultural, industrial and services sectors respectively. Moreover, the Economic Survey shows an inflation rate of over 11 percent, one of the factors that has worst hit the people of Pakistan.
The survey has also pointed out that over 64 percent of Pakistan’s population is in the age group of 15 to 64 years, with a sizable number also falling below this age bracket. The demographic statistics mean the country has a potentially huge labor force and plenty of energy. Although, a huge challenge exists to find employment for these young people.
In order to brief the nation, Advisor to PM on Finance Mr. Hafeez Shaikh came up with a press conference on Thursday. Shaikh reveals that the GDP is to contract 0.38% in FY 2020 despite 2.67% growth in the agricultural sector, as the industrial and services sectors see growth of -2.64% and -0.59% respectively this year.
PTI vs. PML(N)
The country’s GDP growth was at 5.5% during the end of previous government in 2018. Moreover, in 2018, there were speculations of GDP touching a growth of 8-9% by 2020. However, the first full year of PTI government has shown damaging results for economy.
This is the first time in Pakistan’s history that the performance of economy has gone so low. It is the first year of negative growth since inception of Pakistan in 1947.
The complete economic survey can be found here.