Govt targets 5.8 percent GDP growth in next five years

ISLAMABAD: The federal government, as part its 12th five-year plan, aims at achieving 5.8 percent Gross Domestic Product (GDP) growth during the next five years from 2018 to 2023.

This growth has been projected on the basis of 3.6 percent growth in agriculture, 6.1 percent in industry and 6.8 percent in services sector on average during the plan period.

This was conveyed to a meeting on 12th five-year plan held here on Monday under the chairmanship of Minister for Planning, Development and Reform Khusro Bakhtyar.

The meeting was informed that consolidation period is expected to be over by next fiscal year and GDP growth will start picking up from the current envisaged at 4.2 percent to 7 percent during terminal year of the five-year plan.

It was further apprised that the draft of the plan was ready which will be launched after approval from competent authority.

Speaking on the occasion, the minister underlined that the 12th five-year plan should contribute to improvement in economy covering all aspects for attaining sustained economic growth.

In line with the government’s vision, emphasis during the plan period will remain on social sectors, poverty alleviation, job creation and improvement of governance for ensuring transparency and overcoming corruption, read a press statement issued later.

Bakhtyar also appreciated the macroeconomic framework prepared by Planning Commission of Pakistan. The framework is based on consultation process involving all stakeholders including civil society, media, private sector and above all the provinces.

The meeting was attended by Secretary Planning Zafar Hasan, Joint Chief Economist Rai Nasir Ali Khan, Chief Macroeconomics Mohammad Zafar and members of the review committee.