According to the reports, The International Monetary Fund (IMF) projected Pakistan’s real Gross Domestic Product (GDP) to grow by 4.0% in the current fiscal year 2021-22.
The International Monetary Fund (IMF) in its World Economic Outlook, also endorsed Pakistan’s provisional figures of GDP growth rate of 3.9% during the previous fiscal year 2020-21.
However, The World Bank in its recent report last week, projected 3.4% GDP growth for the year 2021-22 which was rejected by the ministry of finance.
As per to the World Bank report, the unemployment rate in Pakistan would also decrease from the current 5.0% to 4.8% in the current fiscal year.
The report also projected that the Pakistan’s inflation rate would ease from 8.9% during the year 2020-21 to 8.5% by end of the current fiscal year 2021-22.
The IMF in its World Economic Outlook trimmed its 2021 global growth forecast to 5.9% from the 6.0% forecast it made in July. It left a 2022 global growth forecast unchanged at 4.9%.
The IMF said in the report that “This modest headline revision, however, masks large downgrades for some countries,”
It also added that “The outlook for the low-income developing country group has darkened considerably due to worsening pandemic dynamics. The downgrade also reflects more difficult near-term prospects for the advanced economy group, in part due to supply disruptions.”
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