ISLAMABAD: The per capita income in Pakistan has increased to $1,798 during fiscal year 2021/2022, according to Economic Survey of Pakistan.
The Economic Survey of Pakistan 2021/2022 launched on Thursday. According to the survey the per capita income of the country improved to $1,798 during the fiscal year 2021/2022 as compared with $1,676 in the last fiscal year.
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Regarding per capita income in terms of dollar, there was a rebound seen in 2020-2021 which continued in 2021-2022, the survey said.
“In the outgoing fiscal year, per capita income was recorded at $1,798 which reflects an improvement in prosperity due to the fact that economic growth per person improved,” the survey added.
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According to the survey though economy recovered from the pandemic (a 0.94 percent drop in FY2020) and maintained V-Shaped recovery by posting real GDP growth of 5.97 percent in the fiscal year 2022. This high growth, however, is unsustainable and has resulted in financial and macroeconomic imbalances.”
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The economic survey highlighted that political instability in the country also led to a huge increase in economic uncertainty. Uncertainty at individual, firm, and government levels is negatively affecting the economy. Political stability can reduce uncertainty by making clear policy statements to build the trust of domestic as well as foreign investors and the business community.
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The survey highlighted that the higher high growth, however, is also accompanied by external and internal imbalances, as has been the case historically with Pakistan’s economy. However, external circumstances also played a critical role this time.
