IMF scales down Pakistan’s GDP growth to 0.5pc from 2pc

World Apr, 12 2023

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WASHINGTON: International Monetary Fund (IMF) has lowered Pakistan’s current year growth forecast from 2 percent to 0.5 percent for current fiscal year (FY23).

IMF said in its latest World Economic Outlook report Pakistan’s GDP is projected to be 3.5 percent in FY24 which stood at 6 percent in FY22. Moreover, Fund has revised upward inflation rate projection to 27.1 percent for current fiscal year against its earlier projection of 19.9 percent. According to report, consumer prices were 12.1 percent in FY22 and are projected to be 21.9 percent in FY24. Meanwhile, unemployment in country is projected to increase to seven percent in 2023 against 6.2 percent in 2022.

Published in The Daily National Courier, April, 12 2023

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Daily National Courier is a leading morning English newspaper of twelve pages covering all international and national political developments on 24/7 basis.