ISLAMABAD: Excessive government borrowings from the banks are feared to further slow down the Gross Domestic Products growth, as earlier estimates of 2.8 percent growth may further decline to 2.5 percent.
A report of Ministry of Finance, excerpts of which have been reported in the press, says the estimated GDP growth for the current fiscal year, 2.8 percent, may further decline to 2.5 due to government borrowing from banks in excess of budgetary estimates and failure to eliminate the circular debt in the energy sector.
The magnitude of the seasonal gas shortage facing the industrial sector, which has peaked this winter, is likely to prove disruptive to output growth, especially in process industries. Going forward, growth and fixed investment will be increasingly constrained by the scale of government sector bank borrowing as well as by the continuation of the circular debt in the energy sector. Staff Writer
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