BEIJING: Pakistan, under the leadership of Prime Minister Imran Khan has expanded the Gross Domestic Product (GDP) to US$346 billion and achieved the growth rate of 5.37% in the fiscal year 2020-2021.
Pakistan’s Gross Domestic Product (GDP) size expanded to $346.76 billion and the growth rate reached 5.37% in the fiscal year 2020-2021. This is a great achievement made by all the Pakistani people under the leadership of the Imran Khan government, Cheng Xizhong, visiting prof at Southwest University of Political Science and Law said on Saturday.
He remarked that under the extremely serious pandemic and natural disasters, Pakistan has made such great achievements mainly because the Prime Minister Imran Khan government has implemented a series of wise policies, such as effective micro-lockdowns for pandemic prevention, economic reform and opening-up, substantial increase in commodity exports, continuous improvement of the business environment, encouragement of domestic and foreign investment, improving business activities, and other stimulus measures.
He said that China’s GDP in 2021 was increased by 8.1% over the previous year. The rapid recovery and development of Pakistan’s economy is also closely related to the country’s reference to China’s development experience, the spillover effect of China’s rapid development on Pakistan, and particularly, the smooth progress of the construction of the China-Pakistan Economic Corridor (CPEC).
Prof Cheng believed that from the current situation, Pakistan’s economy is on the track of rapid recovery and development, which is conducive to substantial jobs creation, raising per capita income and improving people’s living standards.
Strategically, Pakistan is transforming itself from geo-politics to geo-economics and increasing integration with the United States, China, the European Union and other economies is making Pakistan an emerging economy, which is more and more recognized globally.
China sincerely wishes that Pakistan would make greater achievements in social and economic development in the New Year, he added.
