Adviser to Finance Minister, Khurram Shehzad, Highlights Growth Amid Global Economic Downturn

Khurram Shehzad, the adviser to Federal Finance Minister Muhammad Aurangzeb, has stated that while global growth has slowed over the past three years, Pakistan has seen an increase in growth during the same period. Speaking in a special broadcast on Geo News, Shehzad emphasized that despite global economic challenges, Pakistan has made notable strides, particularly in reducing inflation.

He noted that inflation has decreased in Pakistan, while many countries are still grappling with high inflation rates. “This indicates that, somewhere, something positive is happening within the Pakistani economy,” Shehzad remarked.

Addressing the decline in Pakistan’s agricultural sector, he highlighted several contributing factors, including water shortages and inadequate rainfall, which have affected crop yields.

The remarks come after Finance Minister Muhammad Aurangzeb presented the *National Economic Survey 2024-25*, revealing a GDP growth of 2.7% for the current fiscal year, with inflation standing at 4.6%. The policy rate has been reduced from 22% to 11%, signaling a positive shift in Pakistan’s economic trajectory.

Minister Aurangzeb further stated that the IMF program’s primary goal was to ensure macroeconomic stability, and Pakistan has shown resilience in recovering its GDP growth compared to global trends. He highlighted that while global inflation had been as high as 6.8% two years ago, it has now decreased to just 0.3%. In contrast, Pakistan’s inflation rate currently stands at 4.6%.

The financial team underlined that despite challenges, Pakistan is progressing towards a stable economic outlook, as evidenced by recent improvements in inflation rates and economic growth compared to many other economies worldwide.