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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's GDP growth to be in range of 3.5-4.5 pct Reuters - Saturday, December 6 KARACHI, Dec 6 - Pakistan's GDP is expected to grow by between 3.5 and 4.5 percent in the fiscal year 2008/09, slowing from 5.8 percent growth in the previous year, the central bank said on Saturday in its annual report. "The urgency for macroeconomic stabilization is now evident throughout the economy," State Bank of Pakistan said in its annual report. The International Monetary Fund, which last month approved a $.7.6 bailout package to help avert balance of payments crisis in Pakistan, has projected GDP growth of 3.4 percent for the year. The central bank projected inflation at 20 to 22 percent in the fiscal year to June 30, just below the IMF forecast of 23 percent. Latest data for October showed inflation running at 25 percent. Pakistan's inflation for fiscal year of 2007/08 was 12 percent. The central bank projected the fiscal deficit to range between 4.3 percent and 4.8 percent of GDP for the current fiscal year, compared with a target of 4.7 percent. Fiscal deficit was 7.4 percent in the previous fiscal year. The government hopes to achieve its target by eliminating subsidies and committing to zero net borrowing from the State Bank of Pakistan. In the first quarter of fiscal year of 2008/09, fiscal deficit was 1 percent, the central bank said. The central bank projected the current account deficit to be between 6.2 percent and 6.8 percent of GDP in 2008/09, compared with 8.4 percent in the previous year, when the economy was hit by a sharp rise in international oil and commodity prices and as well as some domestic shocks. The IMF's projection for current account deficit is 6.5 percent of GDP for fiscal year ending June 30. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Indian banks' unlikely to drop rates despite cbankReuters - 46 minutes ago India central bank slashes key interest ratesAFP - 49 minutes ago Dalai Lama urges dialogue before Sarkozy meetingReuters - 50 minutes ago Fiat CEO sees mergers among car makers - reportReuters - 58 minutes ago Eicher Nov truck, bus sales fall 71 pct on yearReuters - 2 hours 12 minutes ago Most Popular – Business Viewed Diamond thieves pull off 100-million-dollar Paris heist Do not disturb eggs: MP reveals Britain's oddest laws Cruise ship runs aground in Antarctica Amid depression fears, Congress sets up votes on auto bailout Oil price falls below $40 View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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