Federal Minister for Planning, Development and Special Initiatives Asad Umar has on Friday said that Pakistan’s large-scale manufacturing has shown robust growth with more than 7% jump in July to September as compared to last year.
The federal minister took to Twitter and said September growth is more than 10% versus last year September. He said all signs are of strong economic recovery but also warned that the biggest risk is if we allow covid to increase by making poor choices.
Asad Umar added that India’s economy has suffered recession for 1st time since its independence, with a 23.9% and 8.6% contraction in last 2 quarters. He said this is what happens when you mishandle covid. Pakistan must not allow our success and its economic benefit to be squandered by lowering our guard, he remarked.
However, the minister feared that this achievement could be squandered if the precautionary measures were not followed by the people. “All signs are of strong economic recovery. Biggest risk is if we allow COVID to increase by making poor choices,” he said in his tweet.
Asad Umar said the Indian economy suffered recession for first time since its independence, with a 23.9% and 8.6% contraction in last 2 quarters. “This is what happens when you mishandle Covid.” “Pakistan must not allow our success and its economic benefit to be squandered by lowering our guard,” he added.
Meanwhile according to the reserve bank of India, the Indian economy entered into a technical recession for the first time in history at the end of the first half of 2020-21, according to the reserve bank of India.
After an unprecedented decline of 23.9 per cent in GDP in April-June as estimated by the National Statistical Office on August 31, the central bank has nowcast that Gross Domestic Product (GDP) for July-September quarter is set for a contraction of 8.6 per cent, the Bank reported.
In economics, when the GDP growth rate is negative for two consecutive quarters or more, it is termed recession.