Economic survey 2023

• Industry contracts by 3pc, GDP growth a mere 0.3pc • Finance minister hints at expansionary measures in today’s budget • Dar says political cost borne unimaginable, but ‘worth it’ • Blames market perceptions, IMF ‘drama’ for weak exchange rate • Insists new government should negotiate fresh programme with lender ISLAMABAD: Finding himself on the back foot as he attempted to defend a jarring slowdown in economic growth in the outgoing fiscal year, Finance Minister Ishaq Dar, while unveiling the Pakistan Economic Survey 2022-23 on Thursday, spoke less about the dismal performance of various sectors of the national economy and more on the global environment and economic fundamentals the PDM government had inherited when it came to power in April last year. Accompanied by Planning Minister Ahsan Iqbal and Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, the finance minister unveiled that the country’s Gross Domestic Product (GDP) in the fiscal year 2023 — projected to grow at 5 per cent — only managed 0.3pc growth, with agriculture and services scraping along with 1.5pc and 0.86pc growth and the industrial sector contracting by a worrying 3pc. Alluding to the previous Pakistan Tehreek-i-Insaf (PTI) regime, Mr Dar complained that “the [political] project, conceived in 2010, flourished in 2018, and reached its culmination in 2022,” but, in the process, “put the country in reverse gear”. He complained that an economy that was believed to be primed for G-20 member...

The National Treasury and Economic Planning Cabinet Secretary, Prof. Njuguna Ndung’u this morning launched the 2023 Economic Survey Report. The report outlines the performance of various sectors of the economy in the last five years with an emphasis on the year 2022. It also provides a synopsis of the economic outlook for the year 2023. The report focuses on the performance of the economy in 2022 a year covered with so many negative shocks, some still evident and continuing and have created permanent negative effects that have impacted on the cost of living, noted the CS. Among those present was the Principal Secretary, State Department for Economic Planning James Muhati and his counterparts from Parliamentary Affairs, Aureria Rono and Mining, Elijah Mwangi, Chairperson KNBS, Stephen Wainaina and the board members and the Director General Mcdonald Obudho, among others.

The January 2023 Chief Economists Outlook is published amid continuing economic uncertainty and challenges of historic proportions. As the world puts another tumultuous year behind it, governments, businesses and households will all have to grapple with persistent headwinds throughout 2023. Financial conditions remain tight, with little scope for significant loosening, despite much of the world economy being at risk of recession. However, according to the latest survey of the World Economic Forum’s Community of Chief Economists, there are tentative grounds for optimism, including the prospect of an easing of the cost-of-living and energy crises by the end of this year. This edition of the Chief Economists Outlook explores the key trends in the economic environment, including the prospects for growth, inflation and monetary and fiscal policy. It also looks at the particular challenges facing businesses and their likely responses in the months ahead. The report draws on the collective views and individual perspectives of a group of leading chief economists through the Forum’s Chief Economists Survey and consultations with the Chief Economists Community.

Synopsis Economic Survey 2023 Highlights: The Survey said that the Indian economy has recovered from Covid-induced contraction. It noted that Indian economy is staging a broad based recovery across sectors and the country will remain the fastest growing major economy in the world. India's GDP growth is expected to remain robust in FY23 at 7 per cent (in real terms). GDP growth: Recovery from Covid is complete * India to remain the fastest-growing major economy in the world. Recovering from pandemic-induced contraction, Russian-Ukraine conflict and inflation, Indian economy is staging a broad based recovery across sectors, positioning to ascend to the pre-pandemic growth path in FY23. * India's recovery from pandemic was relatively quick, and growth in the upcoming year will be supported by solid domestic demand and a pick-up in capital investment. Aided by healthy financials, incipient signs of a new private sector capital formation cycle are visible and, more importantly, compensating for the private sector's caution in capital expenditure, the government raised capital expenditure substantially. * India is third largest economy in PPP (purchasing power parity) terms, fifth largest in terms of exchange rate * Private consumption as a per cent of GDP stood at 58.5 per cent in Q2 of FY23, the highest among the second quarters of all the years since FY15, supported by a rebound in contact-intensive services such as trade, hotel and transport. * Growth driven by private consu...

• Home • Karnataka Election 2023 • Budget 2023 • Market • Stock Stats • Top Gainers • Top Losers • Indices • Nifty 50 • Sensex • CaFE Invest • Commodities • IPO NEWS • Investing Abroad • IPOs • Economy • Tech • Auto • SME • Mobility • Industry • Banking & Finance • Education • Money • Insurance • Income Tax • Mutual Funds • Blockchain • Infrastructure • Railways • Aviation • Roadways • India • Defence • Lifestyle • Travel & Tourism • Health • Science • Healthcare • Brand Wagon • Entertainment • Events • Jobs • Sports • IPL 2023 • Multimedia • Photos • Videos • Audio • Web Stories • Auto Web Stories • Infographics • ePaper • Today’s Paper • From The Print • International • Edits & Columns • Opinion • FE 360 • Politics • Economy • Personal Finance Print • Front Page • FE Insight • Fe@Campus • archive The Economic Survey 2023 was tabled by the Finance Minister Nirmala Sitharaman in the parliament today, kicking off the GDP Growth The Economic Survey has pegged GDP growth for the current financial year at 7%. India’s FY24 GDP growth is seen at 6-6.8%, while predicting that the nominal GDP will grow 11% in the next financial year. “Despite strong global headwinds and tighter domestic monetary policy, if India is still expected to grow between 6.5 and 7%… it is a reflection of India’s underlying economic resilience; of its ability to recoup, renew and re-energise the growth drivers of the economy,” said the Economic Survey. Capital Expenditure The Economic Survey predicts that t...