73% drop in bank advances to private sector indicates economic
slowdown
Bank advances in Pakistan to the private sector decreased by 73
per cent during the first 8 months of the current fiscal year.
The downward trend indicates economic slowdown leading to
massive retrenchments in key industrial sectors.
The World Bank and IMF do not expect Pakistan to achieve an
economic growth rate of even 2pc in FY23.
Data of State Bank of Pakistan (SBP) shows that the credit taken
by private sector was just Rs248bn in the first nine months (July 1, 2022 to
March 10) against Rs911bn in the same period of FY22. Pakistan achieved an
economic growth rate of about 6pc in 2021-22.