Pakistan’s economic growth for financial year 2016 has reached 4.7 percent the highest in eight years, according to a recent report by World Bank.

The Pakistan Development Update report said that low rates of investment and declining export competitiveness remain a concern. However, Pakistan continues to make good progress in restoring macroeconomic stability.

The report suggested that the government push forward for deeper structural reforms. It added that economic growth acceleration depends on the China Pakistan Economic Corridor (CPEC). It is expected that by the Financial Year End 2018 growth may accelerate to 5.4 percent.

Pakistan made significant progress in reducing poverty from 64.3 percent in 2002 to 29.5 percent in 2014, the report added.

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