Pakistan aims to grow its GDP by 4.8% in 2021-22

On Friday, the government presented its third budget, aiming to strike a balance between GDP growth and expenditures. In addition to a crippling budget deficit, Pakistan faces pandemic-induced poverty as well as economic recovery challenges. Budget outlays of Rs8.49 trillion are 19% higher than the revised figure of last year. However, no new taxes will be imposed on the salaried class. 

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Taxation reforms will be introduced by the government to make it easier to file returns. Taking inflation into consideration, the salary and pensions of federal government employees would be raised by 10%. Moreover, a total of Rs1.37 trillion will be spent on defense in the next year.

Source: Reuters