Canada Global(Web News)The IMF has acknowledged the better-than-expected performance of Pakistan’s current account during the last fiscal year and expressed the expectation that the country’s economy will continue to grow despite macroeconomic challenges in the current and next fiscal year. Will continue to do
According to the report, in the World Economic Survey released by the IMF for October, the growth rate of the country’s economy is expected to be 2.5 percent this year, which will double to 5 percent in the next fiscal year.
The latest forecast means the IMF expects an early economic recovery, while the world body had earlier forecast GDP growth of 5 percent in the fiscal year.
The IMF’s latest forecast for the country’s growth rate falls short of the government’s 3.5 percent GDP growth target for the current fiscal year, but recent forecasts by the Washington-based World Bank and the Manila-based Asian Development Bank (ADB) More than predictions. .
The World Bank, which has projected Pakistan’s growth rate at 1.7 percent for the current fiscal year and 2.4 percent for the next fiscal year, claimed at a recent media event that its forecast was based on August-September data. was
However, the IMF has revised its forecast positively based on the latest data depending on the various sectors under the ongoing bailout program with the government on a daily, weekly, monthly basis. These data are reviewed on a fortnightly and monthly basis.
The IMF did not change its July growth forecast by signing a 9-month $3 billion standby arrangement with Pakistan, but cut inflation and inflation for the current and next fiscal years. Revised. The IMF had earlier estimated inflation at 27 percent for fiscal year 2023, but revised it down to 29.2 percent. IMF pegs
current account deficit at 0.7% of GDP in FY2023
It was 6.2 percent, well above its previous forecast of 7 percent. The unemployment rate is predicted to be 8 percent in the current financial year.