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Amid the external headwinds brought about by elevated inflation and the aggressive rate hikes delivered by global central banks led by the US Federal Reserve, the Cabinetlevel Development Budget Coordination Committee (DBCC) decided to maintain this year’s GDP growth target at six to seven percent.

The country’s GDP expansion accelerated to 7.6 percent last year from 5.7 percent in 2021 with the full reopening of the economy as the strict COVID quarantine and lockdown protocols were lifted.

The country slipped into recession in 2020 with the GDP shrinking by 9.5 percent as the economy stalled due to strict mobility restrictions