THE State Bank governor’s optimistic assessment of the economy must be seen in the context of the reality hidden beneath the headline numbers. While progressing from stabilisation to sustainable growth is critical, the transition is still in its early stages. Mr Jameel Ahmad expects GDP growth to accelerate from 3.7pc in the last fiscal to between 3.5pc and 4.5pc in the current year, with the economy benefiting from greater discipline. Yet the range itself is revealing: at the lower end, growth would be actually slow. Even 4.5pc represents only a modest recovery for an economy with a rapidly expanding population, growing underemployment and unmet investment needs. Neither has stabilisation produced the necessary conditions for durable economic expansion.........

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