WASHINGTON- The World Bank has acknowledged Pakistan's promising economic progress achieved in the current financial year.

A World Bank report on South Asia's Economic Opportunity says reemergence of GDP growth of 4.1 percent is the highest in seven years. The Bank says dynamic services and manufacturing sectors supported by better energy availability and improved investor expectations were the primary drivers.

The report assesses that the success stemmed mainly from strong remittance and significant foreign capital inflows, which also brought stability in the foreign exchange market. The report said strong fiscal consolidation was achieved and the fiscal deficit was contained. Besides improved business confidence brought a strong recovery in credit to the private sector and structural reform agenda made promising progress.

The government reduced power subsidies by adjusting power tariffs toward cost recovery levels. The report also noted that the political events in mid-August including sit-ins and marches have affected the pace of the Pakistan economy.