ISLAMABAD - Moody's Corporation - an International ratings institution - has lauded banking system of Pakistan and said banking strength of the country will result in further progress in fiscal year 2017-18.

According to Moody's report, China-Pakistan Economic Corridor (CPEC) will boost economic activities in Pakistan and the ratio of economic progress is expected to be 4.9pcduring the current year.

It is pertinent to mention here that Pakistan's economic progress ratio has not gone to five percent for more than ten years, but there are high chances that this figure will be achieved this year due to CPEC, private news channel reported.

According to Moody's, CPEC will boost economic activities, increase industrial production and surge development work. It has also been mentioned in the report that poor security situation and political instability may harm this economic progress.