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Pakistan GDP Growth Rate: The International Monetary Fund (IMF) has expressed apprehension of a shock to Pakistan’s GDP in the current financial year 2023-24. IMF has reduced the estimate of Pakistan’s GDP from 2 percent to 0.5 percent (Pakistan GDP in FY 2023). It is worth noting that inflation is at its peak in the neighboring country at this time. It is becoming difficult for the common people to buy food and drink in the month of Ramadan (Ramadan 2023). In such a situation, in view of the rising inflation and the deteriorating economy (Pakistan Economic Crisis), the IMF has reduced the estimate of the country’s GDP growth. Earlier in the month of February also the International Monetary Fund had cut the GDP estimate of Pakistan. This was reduced from 3.5 percent to 2 percent.
World Bank and Asian banks also gave bad signals
Like the IMF, the World Bank (World Bank of Pakistan GDP) and the Asian Bank (Asian Bank) have also reduced the growth forecast of Pakistan’s economy. According to the World Bank, Pakistan’s economy will grow at a rate of 0.4 percent in the current financial year. At the same time, Asian Bank has estimated 0.6 percent GDP. At the same time, the World Bank has estimated the country’s inflation rate to be 29.6 percent and the Asian Bank has estimated it to be 27.5 percent.
Double whammy of inflation and unemployment
Along with inflation, the youth of Pakistan are also facing the brunt of unemployment. According to the latest Global Economy Outlook report of IMF, a tremendous increase has been registered in the unemployment rate of the country. It can increase by 0.8 percent in this financial year as compared to the last financial year. The country’s unemployment rate was 6.2 percent in FY 2022-23, which is likely to increase to 7 percent this year. At the same time, it has been claimed in this report that the inflation rate in the country is estimated to be a record 27 percent.
Pakistan’s condition will improve in the next financial year
The IMF, however, has expressed hope of some improvement in the situation in Pakistan in the financial year 2024. In the next financial year, the country’s GDP is expected to be 3.5 percent, which is 3 percent more than the current financial year. Along with this, the inflation rate of the country can also come down and it can remain up to 22 percent. At the same time, the unemployment rate is expected to be 6.8 percent.
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