Wednesday, January 5, 2011

Economic growth target to fall to 2.5% of GDP, Senate told

Economic growth target to fall to 2.5% of GDP, Senate told

ISLAMABAD: The Senate Standing Committee on Finance was informed here on Tuesday that the economic growth target of 4.5 percent of the gross domestic product (GDP) would be missed and the estimated growth during the ongoing fiscal year 2010-11 is expected to come down to 2.5 percent of the GDP.

Secretary Finance Dr Waqar Masood Khan informed the committee which met at the Parliament House with Senator Ahmed Ali in the chair, that the GDP growth target was fixed at 4.5 percent, however, due to the floods, power and gas shortages and less than expected performance of the agriculture sector, the GDP would grow by 2.5 percent of the GDP.
 
The secretary informed that due to the floods rice and cotton crops have been damaged to a large extent and the only hope would be the wheat crop target, which has been fixed at 25 million tonnes, prospects of which are showing improvement after the recent rains

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