SBP chief highlights macroeconomic recovery since 2022

State Bank of Pakistan Governor Jameel Ahmad told an ICMA International convocation in Lahore that economic conditions have improved since 2022, citing softer inflation, a steadier external account and a gradual recovery in output. He said real GDP growth reached 3.7 per cent in fiscal year 2026 after contracting in 2023, with further growth forecast for the current fiscal year. The current account deficit, he added, is expected to stay between zero and one per cent of GDP.

Ahmad said inflation was near its target range in 2026 before edging up, and is expected to ease over time with prudent monetary policy. He credited a positive forward-looking real policy rate with bringing inflation down from above 30 per cent, and said early attention to risks helped strengthen financial-sector capital adequacy and performance. He also urged graduates and institutions to base decisions on reliable information, accountability and long-term economic needs.