ISLAMABAD, Aug 30: The sound macroeconomic fundamentals, accomplished over the last 2-3 years, will help achieve the GDP growth target of 4.5 per cent in 2002-03, says an Asian Development Bank report released here on Friday.
However, the report "Pakistan Economic Update (July 2001 to June 2002)," released along with economic outlook for 2002-2003, said inflation, which picked up towards the end of 2001-02, is expected to rise during the current financial year.
It said the growth performance of the economy is expected to improve further in 2002-03 due to the greater availability of water after the recent rains have improved prospects of the agriculture sector, as well as for electricity generation.
The upturn in the large-scale manufacturing sector, observed in the March-May 2002 period, was likely to continue during the current year and that the sharp increase in remittances was expected to boost construction activity.
The report said the upturn in exports and imports in the fourth quarter of 2001-02 was likely to be sustained in 2002-03. Exports should benefit from the revival of the global economy and greater access to the European Union markets, and with the anticipated revival of the domestic economy and higher oil prices, imports would also increase.
However, the report "Pakistan Economic Update (July 2001 to June 2002)," released along with economic outlook for 2002-2003, said inflation, which picked up towards the end of 2001-02, is expected to rise during the current financial year.
It said the growth performance of the economy is expected to improve further in 2002-03 due to the greater availability of water after the recent rains have improved prospects of the agriculture sector, as well as for electricity generation.
The upturn in the large-scale manufacturing sector, observed in the March-May 2002 period, was likely to continue during the current year and that the sharp increase in remittances was expected to boost construction activity.
The report said the upturn in exports and imports in the fourth quarter of 2001-02 was likely to be sustained in 2002-03. Exports should benefit from the revival of the global economy and greater access to the European Union markets, and with the anticipated revival of the domestic economy and higher oil prices, imports would also increase.