Recovery Road: Economy of Pakistan Thrived First 6-Months of 2020

First six months of the ongoing fiscal year 2020-2021 have been rejoicing for crippling economy of Pakistan as the country received record remittances that boosted activity in the stock market while stimulus ensured a massive jump in export volumes.

The remittances have been gradually up since the introduction of Roshan Digital Account and other initiatives introduced by the government on foreign investments.

I want to thank our overseas Pakistanis for yet another record-breaking month of remittances in Dec: $2.4 bn. MashaAllah, 1st time in Pakistan remittances have been above $2 bn for 6 consecutive months. Total for 6 months of this fiscal year $14.2 bn – a 24.9% growth over last yr

— Imran Khan (@ImranKhanPTI) January 8, 2021

The remittances deposited in banks stimulated activity in the stock market on Friday and the KSE-100 index climbed 309.80 points on the last day of the week.

The increase in remittances deposited in banks in December fueled up the stock market on Friday.

The premier players in soaring KSE-100 higher were United Bank Ltd, MCB Bank Ltd, OGDC, Bank Al Habib Ltd, and Habib Bank Ltd. Altogether, the contribution of 167 points to the index was made by these banks.

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Meanwhile, the jubilations of Pakistan’s economy continued as its growth in export trends during November and December 2020 outstripped India and Bangladesh and were higher when compared to the same time of the previous year.

The figures for exports compared to the same months of the last year were 8.32% and 18.30% respectively.

مجھے علاقائی برآمدی رجحانات (ایکسپورٹ ٹرینڈز) موصول ہوئے ہیں جن سےظاہر ہوتا ہے کہ نومبر اور دسمبر 2020 میں بھارت اور بنگلہ دیش کی برآمدی نمو ہمارے مقابلے میں منفی رہیں۔ اس کامیابی پر میں ایک مرتبہ پھر برآمدکنندگان اور وزارتِ تجارت کو مبارکباد پش کرتا ہوں۔
pic.twitter.com/lpmZa6MOl5

— Imran Khan (@ImranKhanPTI) January 7, 2021

The government has been vocal that all economic indicators are in the right direction and Prime Minister Imran Khan claimed that the economy of Pakistan would resurge in 2021 as it recovered from damages during 2020.