On Thursday, In its recent report on the economy, the rating agency Fitch predicted that the growth rate in Pakistan would be around 3.2% this year.
In a new Fitch forecast on Pakistan’s economy, the growth rate has been adjusted even further downward, as a previous report predicted a 4 percent growth rate of the country.
The rating agency has also forecast a further decline in the growth rate of the economy over the next fiscal year.
According to the report, the Pakistani economy is facing growing challenges that will negatively affect the lives of ordinary people due to rising inflation and declining purchasing power.
The report also said that the rise in inflation was due to the rupee’s depreciation against the US dollar and the high prices of oil on the international market.
The rating agency also predicted that rising imports as well as rising international oil prices would increase the import bill.
In a previous report on Pakistan, the rating agency said that austerity measures and spending cuts would be very difficult for the government.
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17 November, 2019