Return to IMF programme
The prime minister has expressed satisfaction over the economic stabilisation in the country despite the ongoing coronavirus pandemic and said the benefit of the improvement in the economy must reach the common man. For the past few months, we have
Second wave of virus can badly hit economy: Mian Zahid Hussain
KARACHI: Former provincial minister Mian Zahid Hussain has said the second wave of coronavirus can be more dangerous for the masses and the economy. The government and the central bank should take steps to save the masses and the economy
LSM output grows 7.65% in Sept, 4.81% in Q1
ISLAMABAD: The Large Scale Manufacturing (LSM) industries production grew by 7.65 percent on year-on-year basis during the month of September 2020 as compared to the corresponding month of last year. According to Pakistan Bureau of Statistics (PBS), LSMI Quantum Index
India’s economy to enter recession for first time ever
NEW DELHI: India’s economy is likely to enter a recessionary phase for the first time ever since independence. According to a statement by Reserve Bank of India, the Indian economy has shrunk for the second straight quarter (July-September) of the
Pakistan’s economic direction
Ever since the PTI assumed power, it made five key promises to the nation. The most prominent was the eradication of poverty. The prime minister has on numerous occasions cited China as a role model and hinted at adopting its
China’s economy grows 4.9% in third-quarter, extending virus recovery
BEIJING: China’s economy grew 4.9 percent year-on-year in the third quarter, sustaining its rebound from bruising virus lockdowns and moving closer to pre-pandemic levels. The world’s second-largest economy grew slightly below expectations in the July-September period, National Bureau of Statistics
Global oil prices decline as China’s economic data disappoints
SINGAPORE: Oil prices fell on Monday after reports that China’s third-quarter economic growth did not rise as much as expected, underscoring concerns that surging coronavirus cases globally are impacting demand in the world’s largest oil importer. The world’s second-largest economy
Despite COVID-19, good news for our economy: PM
ISLAMABAD: Prime Minister Imran Khan expressed optimism and said that despite the coronavirus pandemic, the good news is coming to the economy. PM Imran Khan took to Twitter and wrote that the remittances reached 2.3 billion last month. Despite Covid
Pakistan’s economy has been destroyed: Ex-PM Abbasi
ISLAMABAD: Former prime minister Shahid Khaqan Abbasi on Tuesday said that Pakistan’s economy has been destroyed and unemployment has risen. Talking to the media, Shahid Khaqan Abbasi said that we are facing baseless allegations while the country’s economy has been
New Zealand’s economy plunges into recession
AUCKLAND: New Zealand plunged into recession for the first time in a decade as data released on Thursday confirmed a record-breaking economic collapse. The 12.2 percent contraction in April-June is by far the largest since records began, said the national
President Alvi expresses satisfaction over PSX’s performance
KARACHI: President Dr Arif Alvi expressed his satisfaction over the performance of the Pakistan Stock Exchange (PSX) and stressed on the potential for further growth to attract more investment. The president was addressing media after holding an interactive session with
Economy on track
Amid the upheaval caused by the coronavirus pandemic and an economic crisis, there was some welcoming news that the Pakistan Stock Exchange has been declared as the best performing market in Asia and the fourth-best in the world. This is
Australia enters recession after three decades of growth
MELBOURBE: Australia has entered its first recession since 1991 after the economy shrank seven percent in the second quarter, official figures showed as the country reels from the coronavirus pandemic. The Australian Bureau of Statistics said it was the fastest
Govt’s fiscal policies reduced current account deficit: Finance Adviser
ISLAMABAD: Adviser to the Prime Minister on Finance Abdul Hafeez Shaikh on Tuesday highlighted the performance of the finance ministry as the federal government completes its second parliamentary year. Several members of the federal cabinet addressed a press conference highlighting
Global cases top 17 million as virus wreaks economic havoc
WASHINGTON: The scale of economic devastation from the pandemic was revealed as Western economies recorded historic slumps as resurgent caseloads forced many countries into new trade-offs between health and financial stability. Six months after the World Health Organisation declared a
Provide incentives to overcome economic crisis: Mirza Ikhtiar Baig
Mirza Ikhtiar Baig is a renowned industrialist and businessman with over thirty years of experience in various sectors of Pakistan. He is the Chairman of Baig Group operating in diversified fields in Pakistan, UAE and other countries. He is also
US economy will drop 6.6% in 2020 amid pandemic: IMF
WASHINGTON: The International Monetary Fund has predicted that the United States economy will shrink 6.6 percent this year, pounded by the coronavirus pandemic and the lockdowns enforced to contain it. The grim forecast is an upgrade from one the IMF
Singapore plunges into recession as economy shrinks 41%
SINGAPORE: Singapore plunged into recession in the second quarter as growth fell 41.2 percent quarter-on-quarter with the trade-dependent economy hammered by the coronavirus. Preliminary data show the economy shrank 12.6 percent between April and June as strict curbs were imposed
A nation full of crises
Pakistan faces a new crisis every few months. Crises have dominated the country whether they are political, social, and economic. The incumbent government has been facing crises since assuming office. The PTI-led federal government faced a tomato crisis and the
Need for economic revival
The National Assembly has approved the Federal Budget 2020-21 presented by the PTI-led federal government. The incumbent government has not introduced any new tax in this budget, which will have a positive impact on the business community. However, due to
Pakistan not immune to COVID-19’s economic shock: WB
LAHORE: The World Bank has said that Pakistan is not immune to the economic shock caused by the coronavirus as the country’s export declined by 34 percent in May compared to the same period last year. During the All Pakistan
Quaid-e-Azam’s economic vision
July 1, 1948 is a significant date in the history of Pakistan, as the opening day of the State Bank of Pakistan (SBP). The opening ceremony of SBP was the last public event attended by the Father of the Nation
Economic greed
The government is trying its best to develop the economy under difficult circumstances as we are facing an economic and health crisis. Yet, there is no end to the insatiable greed of businessmen and industrialists who are only thinking about
Challenges for our economy
The great lockdown had drastic effects on global economic activity and employment. In Pakistan, 75 percent of the labour force is seriously affected by the coronavirus pandemic. While Pakistan is already expecting over 18 million job losses, there will also
PSX plunges by 517 points over dismal economic situation
KARACHI: The Pakistan Stock Exchange (PSX) plunged on Friday amid distressing results that the economy has received a battering due to coronavirus pandemic and will be on a long road to recovery. Finance Adviser Hafeez Shaikh presented the Economic Survey
Govt to present around Rs7.5 trillion national budget today
ISLAMABAD: The government will on Friday (today) present its second budget for the fiscal year 2020-21 with an estimated outlay of around Rs7.5 trillion. The National Assembly is already in session where the budget for the fiscal year 2020-21 would
Pakistan received support from debt relief actions: envoy
WASHINGTON: Pakistani ambassador to the United States Asad Majeed Khan has said the support received from measures taken to provide debt relief to the coronavirus-hit developing countries helped in coping with a difficult economic situation. “I must say we received
Focus on agricultural growth
The reason the economy is important is when a country is unable to pay back its debts (called default in economic terms), the internal economy might be able to function but it will be never difficult to attract foreign investments.
Restarting the economy
The state of a nation’s economy can be gauged from robust trading activities. This helps bring long-lasting security and stability to the country. Pakistan remains largely an agricultural country and the economy is strongly dependent on agricultural products. Our cotton,
China drops annual GDP growth target for the first time
BEIJING: China dropped its annual growth target for the first time on Friday and pledged more government spending as the COVID-19 pandemic hammers the world’s second-biggest economy. The omission from Premier Li Keqiang’s work report during this year’s meeting of