KARACHI (AFP) - Pakistans economic growth for the fiscal year ending June 30 will be the slowest in more than a decade, beset by the global recession and a manufacturing slump, officials and analysts say. Gross domestic product (GDP) will slow to 2.37 percent, National Accounts Committee recently estimated, revising downwards the years target growth of 2.5 percent. But a senior finance ministry official warned GDP could be as little as 2.1 percent, saying the committee did not take into account the plummeting fortunes of the manufacturing sector. The accounts committee will calculate it again while considering the manufacturing sectors growth and all other things, the official told AFP on condition of anonymity because he was not authorised to speak to the media. Either way, it will be the worst recorded GDP growth since financial year 1997-98 when the SBP put the rate at 1.9pc. Financial analysts said this years major disappointment was the hefty manufacturing sector, which has shrunk 5.73pc so far this fiscal year. We believe the full-year, revised GDP will look even worse because hopes for industrial sector recovery are bleak due to power cuts and lower domestic demand, said Muzammil Aslam of JS Research. This years growth rate would be the lowest since 1998, while the manufacturing sector could achieve a double-digit negative growth, Aslam said. The National Accounts Committee said the industrial sector had declined 2.57 percent this fiscal year. Construction flopped a whopping 10.79 percent, while the finance and insurance sector declined 1.19 percent, said the National Accounts Committee. Investment income from abroad declined to 65.6 billion rupees (810 million dollars) from 100.05 billion rupees last year, the committee said. Economists believe Pakistan is struggling from the global economic downturn and stubborn inflation hovering around the 19pc mark. Pakistans economy is in deep recession partly because of the global slowdown and partly for its own economic troubles, said Rauf Nizamani, an independent economist. Food prices in Pakistan are high as the government has fixed higher support prices for commodities that dont allow inflation to decline, Nizamani said. He said single-digit inflation was now impossible by the end of the current financial year, in six weeks time. Aslam hoped next year could bring better prospects for Pakistan. We expect improved liquidity, higher government spending and lower inflationary expectations on the back of a bumper wheat crop and expected reduction in oil prices next year, he said.