Growth rate stayed positive: Hafeez

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ISLAMABAD: Federal Finance Minister Dr Abdul Hafeez Shaikh said despite challenges, the country’s growth rate stayed “positive” in current fiscal year 2010-11.

Speaking Thursday at release of Economic Survey of Pakistan for fiscal year 2010-11 here, he said GDP for current fiscal was fixed at 4.5%.

However, the devastating floods, international oil prices and security situation were three main factors that hit the economy and subsequently resulted in slow down in growth rate which was reduced to 2.4% in current fiscal year.

He said despite challenges, various sectors of economy including exports, remittances showed considerable growth in current fiscal year. “This is time when all political parties and civil society become determined to lead the nation out of this crisis with joint efforts.”

He said Economic Survey, a pre-budget document, highlights overall performance of economy in current fiscal, realistic feedback and basis for planning covers development of important sectors of economy, growth, investment, agriculture, manufacturing, mining, fiscal development, money, credit, capital markets, inflation, debt and liabilities.

It gives performance of education, health, nutrition shows overall population, labour force, employment, poverty, transport, communication, assesses environment, contingent liabilities, tax expenditure, economic and social indicators. Secretary Finance, Dr. Waqar Masood, Chairman Federal Board of Revenue, Salman Siddique, Deputy Chairman Planning Commission Dr. Nadeem-ul-Haq were also present. (PPI)