Every year, Pakistan’s Economic Survey serves as an important mirror reflecting the overall performance of the national economy. It not only reviews economic activities during the outgoing fiscal year but also provides insight into the future direction of economic policy. The Economic Survey 2025–26 has been released at a time when Pakistan is striving to recover from years of severe economic challenges, including high inflation, mounting external debt, foreign exchange shortages, political uncertainty, and global economic disruptions. While the survey presents several encouraging indicators that point towards economic stabilisation, it also highlights the government's inability to achieve many of its key economic targets, reminding policymakers that significant challenges still lie ahead.

Presenting the Economic Survey, Finance Minister Senator Muhammad Aurangzeb stated that Pakistan has achieved economic stability despite facing extraordinary economic difficulties and has now laid the foundation for entering a new phase of growth. According to him, had it not been for geopolitical tensions in the Middle East, global trade barriers, and other external factors, the country’s economic growth rate could have exceeded 4 per cent. While this assessment carries weight, the survey’s statistics also reveal a noticeable gap between policy aspirations and actual economic outcomes.

During the fiscal year 2025–26, Pakistan recorded an economic growth rate of 3.7 per cent, the highest in the past four years. This achievement is significant considering that the economy had remained largely stagnant in recent years, with growth rates falling to very........

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