Pakistan’s Economic Survey 2024-25 paints a picture of recovery, boasting a 2.7% GDP growth rate and a path toward medium-term expansion. Yet beneath the optimism lies an economy that remains structurally weak, narrowly driven, and burdened by chronic inefficiencies that government spin cannot obscure.

The headline number, 2.7%, signals a modest rebound — especially after the government walked back its original 3.6% target. But the nature of this recovery deserves greater scrutiny. The late-year acceleration in growth contradicts earlier trends of stagnation. Most of the gains appear concentrated in a few subsectors of industry, particularly apparel, while agriculture and large-scale manufacturing continue to flounder. Without broad-based momentum, the growth appears fragile.

Large-scale........

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