Due to inflation and deficit, growth rate of Pakistani economy will be 0.5% this year, IMF
According to International Financial Institution report, inflation rate is 27.1% and current account deficit is likely to be 2.3% of GDP
IMF opened the door to Pakistan’s economy, economic growth would drop from 6 percent to just 0.5 percent, unemployment rate would reach 7 percent.
IMF has released its Global Economic Outlook, which predicts a succession of difficulties for Pakistan’s economy. Inflation, deficits and unemployment have increased.
According to report, rate of inflation is 27.1% and current account deficit is likely to be 2.3% of GDP.
Report said that unemployment rate in Pakistan was 6.2 percent last fiscal year, which will reach 7 percent this fiscal year.
According to report, the country’s economic situation will improve in the next financial year, the GDP growth in next financial year will be 3.5% and inflation will decrease to 21.9%, current account deficit will be 2.4% of the GDP in next financial year and unemployment rate will be 7%. It is predicted to decrease to 6.8 percent.
According to report, IMF has predicted GDP growth of 0.5 percent this fiscal year, which was 6 percent last fiscal year.
It should be noted that earlier the Asian Development Bank had predicted 0.6 percent and the World Bank had predicted the economic growth rate to be only 0.4 percent.
