Govt eyes 7.5pc GDP growth in FY23

The GDP growth rate has been targeted to be 7.5 per cent for 2022-2023 fiscal (FY23) considering the lagged effects of the Covid-19 and the protracted crisis arising from the Russia-Ukraine conflict.

Finance minister AHM Mustafa Kamal said this while placing the proposed national budget for FY23 in parliament on Thursday, reports BSS.

The minister said only in the FY20, the economic growth was hampered due to the Covid-19 pandemic. According to the new base year, a record 7.88 per cent growth was achieved in FY19, but in the following year, FY20, it decreased to 3.45 per cent due to the pandemic.

“However, we were able to begin the process of economic recovery very quickly under the guidance of prime minister. As a result, 6.94 per cent growth has been achieved in FY21 despite the continued impact of Covid-19,” he added.

Kamal said it appears from the economic variables that indicate that the second wave of Covid-19 continued in the first quarter of the current financial year, but did not have a significant negative impact on the economy. “Considering overall perspective, this fiscal year’s GDP growth is forecasted at 7.25 per cent.”