ISLAMABAD (Reuters) – The World Bank on Saturday forecast Pakistan’s GDP growth in fiscal year 2017 to climb to 5.2 percent, the highest expansion rate in nine years, boosted by consumer confidence and fiscal reforms.
Growth is expected to accelerate to 5.5 percent in FY18 and 5.8 percent in FY19, according to a World Bank report released on Saturday.
But it warned that weakening trade and fiscal balances made it crucial to continue reform efforts and to develop skills to find jobs for the country’s growing youth population.
“Pakistan’s accelerating growth is good news and reflects the country’s success in building confidence. But the pace of reforms has slowed and it is important for the structural reforms to accelerate,” said Illango Patchamuthu, World Bank country director for Pakistan.
The World Bank forecast came the same day as Pakistan’s central bank estimated slightly higher real GDP growth in FY17 of 5.3 percent, which would represent a 10-year high.
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