Housing, construction foremost sectors for economic recovery: SBP
KARACHI: The housing and construction sectors were identified as the primary factors for economic recovery by State Bank of Pakistan (SBP) Governor Reza Baqir.
To ensure economic recovery and promote related activities, the government and the central bank introduced policies and incentives for builders, developers, and commercial banks.
In addition, positive trends have been witnessed in steel sales, with record-breaking cement sales registered after Prime Minister Imran Khan unveiled the construction relief package to boost the economy, added Governor SBP.
As per the Pakistan Bureau of Statistics (PBS), the construction sector marked a growth of 8.1 per cent in the last fiscal year, before a significant contraction of 16.8 per cent in FY2019.
“A healthy revival has been observed with over a billion-dollar committed for new investments over the last four months,” SBP Governor SBP Reza Baqir further added.
Earlier, the SBP Monetary Policy Committee (MPC) kept the interest rate unchanged at 7% for the next two months as the domestic activity indicators showcased a positive trend, despite the outbreak of the COVID-19 pandemic.
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