ISLAMABAD, Oct. 31 (Xinhua) -- International rating agency Standard and Poor's on Monday maintained the stable outlook for Pakistani economy, negating the expected fears of a downgrade.
In its annual report, the international rating agency also affirmed Pakistan's "B" long-term and short-term sovereign credit rating along with the stable outlook.
The Standard & Poor's said it acknowledged Pakistani government's efforts for better law and order situation helped deplete gaps in infrastructure and energy and improve power shortages in the country.
The report said that the affirmation of Pakistan's rating reflects that economic prospects remain favorable while external and fiscal metrics of the country are unlikely to worsen materially from their current level.
The S&P hoped the South Asian country will continue the reforms program and would be able to retain key economic targets. It also expected Islamabad to maintain macroeconomic stability, reduce fiscal and external vulnerabilities and promote growth supporting reforms.
The S&P's report also expected the country's Gross Domestic Product to grow at an average of 5.7 percent in the period from 2017 to 2020 as this stronger growth projection reflects large-scale investments taking place under the China-Pakistan Economic Corridor (CPEC) in energy and infrastructure sectors of the economy.
Pakistan's GDP per capita was estimated at 1,500 U.S. dollars in 2017, which is in the bottom 10 percent of all sovereigns rated by the S&P.
