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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Pakistan 2009 growth will be slowest in decade AFP - Wednesday, May 20 KARACHI (AFP) - - Pakistan's economic growth for the fiscal year ending June 30 will be the slowest in more than a decade, beset by the global recession and a manufacturing slump, officials and analysts say. ADVERTISEMENT Gross domestic product (GDP) will slow to 2.37 percent, Pakistan's National Accounts Committee recently estimated, revising downwards the year's target growth of 2.5 percent. But a senior finance ministry official warned GDP could be as little as 2.1 percent, saying the committee did not take into account the plummeting fortunes of the manufacturing sector. "The accounts committee will calculate it again while considering the manufacturing sector's growth and all other things," the official told AFP on condition of anonymity because he was not authorised to speak to the media. Either way, it will be the worst recorded GDP growth since financial year 1997-98 when the State Bank of Pakistan put the rate at 1.9 percent. The bleak economic news comes with the military bogged down in an offensive against the Taliban in the country's northwest, under huge US pressure to crush militants whom Washington has branded the greatest terror threat to the West. Financial analysts said this year's major disappointment was the hefty manufacturing sector, which has shrunk 5.73 percent so far this fiscal year. "We believe the full-year, revised GDP will look even worse because hopes for industrial sector recovery are bleak due to power cuts and lower domestic demand," said Muzammil Aslam of JS Research. "This year's growth rate would be the lowest since 1998, while the manufacturing sector could achieve a double-digit negative growth," Aslam said. The National Accounts Committee said the industrial sector had declined 2.57 percent this fiscal year. Construction flopped a whopping 10.79 percent, while the finance and insurance sector declined 1.19 percent, said the National Accounts Committee. Investment income from abroad declined to 65.6 billion rupees (810 million dollars) from 100.05 billion rupees last year, the committee said. Economists believe Pakistan is struggling from the global economic downturn and stubborn inflation hovering around the 19 percent mark. "Pakistan's economy is in deep recession -- partly because of the global slowdown and partly for its own economic troubles," said Rauf Nizamani, an independent economist. "Food prices in Pakistan are high as the government has fixed higher support prices for commodities that don't allow inflation to decline," Nizamani said. He said single-digit inflation was now impossible by the end of the current financial year, in six weeks' time. Aslam hoped next year could bring better prospects for the nuclear-armed nation, which the United States has put at the heart of its global fight against Al-Qaeda. "We expect improved liquidity, higher government spending and lower inflationary expectations on the back of a bumper wheat crop and expected reduction in oil prices next year," he said. The International Monetary Fund in November approved a 7.6-billion-dollar loan to help Pakistan avoid a looming balance of payment crisis. International donors in Tokyo last month pledged more than five billion dollars to stabilise Pakistan, which has since been flung into a humanitarian crisis with 1.45 million people displaced from the anti-Taliban offensive. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Thai central bank leaves interest rate unchangedAFP - Thursday, May 21 Profits at China's state-owned companies down sharply: govtAFP - Thursday, May 21 China needs more than stimulus to sustain growth: World BankAFP - Thursday, May 21 China to send three buying teams to Taiwan: govtAFP - Thursday, May 21 Related Articles: Business Coke steps up China juice campaignAFP - Wednesday, May 20 Japan's Mitsubishi UFJ posts $2.7 bln lossAFP - Wednesday, May 20 India's Singh vows inclusive growth, reformsReuters - Wednesday, May 20 Indonesian president meets Qatar emirAFP - Tuesday, May 19 Qatar inflation rate at zero or negative -paperReuters - Tuesday, May 19 Enlarge Photo Pakistan 2009 growth will be slowest in decade Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Popular cereal is a drug, US food watchdog says Astronauts poised for farewell to revamped Hubble Coral Triangle could die by century's end: WWF British store admits it boobed in bra row Australian zoo evacuated after orangutan escape View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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