Source: ET
“All targets set for the current fiscal year have been missed”, said finance minister Ishaq Dar while unveiling the Economic Survey of Pakistan 2012-13.
It read like an economic indictment of the outgoing government, with the Survey revealing that the budget deficit has widened to 8.5% of GDP or about Rs2 trillion.
But despite the grim numbers, Dar appeared supremely confident while reiterating that his party has prepared a roadmap for recovery. But this recovery will come at a price, as Dar hinted at introducing tough structural reforms which will be revealed today (Wednesday) in his budget speech.
“We are facing serious economic challenges but we believe that if the economy is revived, terrorism can easily be dealt with,” said Dar.
As against the target of 4.1%, the economy grew only 3.6% in the current fiscal year, said Dar adding that the energy crisis shaved off 2% of the GDP this year.