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Pakistan economy to grow by 1.5%, banking sector’s outlook to remain stable Moody’s

Lahore: According to a report given by the rating agency Moody, the economy will grow up to 1.5% It was also stated that even with the ongoing COVID-19 restrictions are keeping the economic activity to the pre-pandemic levels. Furthermore, the agency has also maintained an outlook for the country’s banking sector on the back of reforms and policy efficiency.

The report was titled as “Banking System Outlook – Pakistan: Stable outlook balances loan book and profitability pressure against stable funding and a resilient sovereign” which covered the agency’s views on the country’s banking sector.

The report also stated that Pakistan’s banking system reflected banks’ solid funding and financial resources, although a challenging operating environment would weigh on resource quality and profitability.

The report further stated that the State Bank of Pakistan (SBP)’s policy to implement against the impact of coronavirus pandemic will partially work and as a result the public sector lending will see a modest growth of about 5% to 7% during the on-coming year.

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