Shaikh said that despite the Coronavirus pandemic, the Pakistani economy performed positively, the government distributed financial assistance to the beneficiaries under the Ehsas program and provided a special package for the business community to mitigate the COVID-19 impact.
According to the report, following difficult but necessary stabilization efforts during the first nine months of the fiscal year, Pakistan’s economy was well on course for a steady recovery on the eve of the Covid-19 pandemic.
MashaAllah the country is moving in the right direction despite the Covid 19 challenge,” tweeted PM Khan while referring to a media report on the revival of the textile sector in the country.
Indonesia’s first recession since the Asian financial crisis in 1998 - normally defined as two consecutive quarters of economic contraction - comes as the country has struggled to contain the coronavirus outbreak.
There’s also good reason to be confident about China’s full-year economic growth, Liu Aihua, spokeswoman at the National Bureau of Statistics, told a press briefing after the release of third-quarter gross domestic product.
WB said that the country’s economic growth is projected to remain below potential, at 0.5pc for FY21 compared to over 4pc annual average in the previous three years to FY2019.
WB forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 percent in 2020, after topping 6 percent annually in the past five years.
Under the agenda of the meeting, the cabinet will discuss the country's economic situation, inflation, and other economic indicators will also come under discussion.
Apart from COVID, if we compared the industrial figures in this fiscal, it has shown a lot of improvement as compared to the previous year, said Azhar.
The report said that an inward turn in economic policy was already underway in Asia before the arrival of the coronavirus (COVID-19), but the global disruption caused by the pandemic has accelerated this shift.
He said that Large Scale Manufacturing (LSM) figures for July show more than 9 percent growth over June and more than 5pc growth as compared to July 2019.
The ADB assumes that the COVID-19 impact will subside by the end of 2020—the end of the second quarter of FY2021, allowing global conditions to normalize and economic sentiment to improve.
The decline comes in the backdrop of the economic downturn in the country, which has been initiated due to the coronavirus pandemic lead global economic slowdown.
Imran Khan added in his tweet that this drastic change is the result of continuous improvement in exports which increased by 20 percent as compared to in June 2020 and record remittances.