The International Monetary Fund n its report titled World Economic Outlook 2019 claimed that Pakistan’s economic conditions may further decline and economic development would slow down and unemployment would increase in Pakistan in 2019. It said the projected GDP growth rate of the country would remain 2.9 percent this year, while it would be 2.8 percent the next year, as compared to 5.2 percent in 2018.
The IMF said the expected budget deficit of the country is likely to be 7.2 percent, which is feared to increase next year. It said inflation in Pakistan would remain 7.6 percent, despite a projected 6 percent. Unemployment would remain 6.2 percent in the current year, while it would increase to 6.2 percent next year, the IMF projected.
“Growth in the Middle East, North Africa, Afghanistan, and Pakistan region is expected to decline to 1.5 percent in 2019, before recovering to about 3.2 percent in 2020. The outlook for the region is weighed down by multiple factors, including slower oil GDP growth in Saudi Arabia; ongoing macroeconomic adjustment challenges in Pakistan; US sanctions in Iran; and civil tensions and conflict across several other economies, including Iraq, Syria, and Yemen, where recovery from the collapse associated with the war is now expected to be slower than previously anticipated,” the report stated.
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20 September, 2019