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Finance Minister Ishaq Dar on Thursday launched the Pakistan Economic Survey of 2022-23.

Addressing the ceremony, the minister said the government based economy on five Es including exports, equity, empowerment, environment, and energy. “There are 17 chapters in the survey,” he added.

He went on to say that Pakistan’s economy took a downward slope from world’s 24th largest economy in 2018 to 47th position in 2022. “It speaks all about economy,” he added.

Mr Dar said the PML-N government started left the stock market at 50,000 in 2018. Highlighting Pakistan’s position as the PDM-led government took oath in 2022, he said there had been talks of Pakistan defaulting, adding that the government had to uplift it. “Pakistan’s fiscal deficit rose from 5.8pc in 2018 to 7.9pc in 2022,” he added. Investment on anti-terrorism operations made it reach 5.8pc, he said, otherwise it would have been on 4.8pc.

As for as the trade deficit is concerned, he said, it rose from $30.9billion in 2018 to $39.1billion in 2022. “The current account deficit increased 4.7pc of the GDP,” he added. Foreign direct investment shrunk from $2.8billion to $1.9billion, he added.

He went on to say that the PML-N government left circular debt at $1148billion and inherited $2467billion in 2022. “Public debt percentage of GDP increased from 63.7pc in 2018 to 73.9pc in 2022,” he added.

The finance minister said debt servicing increased from $1800billion in 2018 to over $7000billion today. “Pakistan’s credibility and trust was also shaken in the world,” he added.

He said the global GDP had decreased and inflation had increased in recent years, adding that the global trade saw a five time decline. “The world is a global village and these have repercussions,” he added.

The “unprecedented floods” caused a damage of $30billion to Pakistan, he said.

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