According to the outlook issued by the International Monetary Fund (IMF), Pakistan’s economy will improve like the rest of the world next year.
According to the IMF report, inflation and unemployment will remain below the target this year, while the growth rate will decrease to 0.5 percent. However, next year there will be improvement in all sectors.
In the global outlook released by the IMF, it is said that the GDP growth will be 0.5 percent this fiscal year, but the growth rate will increase to 3.5 percent next year.
The rate of inflation this year is 27.1% and next year it is expected to decrease to 21.9%. The current account deficit is 2.3 percent of GDP and is projected to remain at 2.4 percent next year.
The unemployment rate in Pakistan last financial year was 6.2% which will reach 7% during the next year. The unemployment rate is predicted to decrease from 7% to 6.8% in the next financial year.
This year Pakistan’s total debt will be 73.6% of GDP and next year it will decrease to 68.9%. This year’s GDP will be 85.4 trillion, which will be 108.4 trillion next year.
In the report of the IMF, the GDP growth this year was predicted to be 0.5 percent.
Inflation will remain above target and growth below target, with inflation at 27.1 percent and current account deficit at 2.3 percent of GDP, the report said.
The IMF report further said that the unemployment rate in Pakistan last financial year was 6.2 percent, this year this rate will be up to 7 percent.
The report of the World Financial Institution predicted an improvement in the economic situation in the next fiscal year and said that the GDP growth in the next fiscal year will be 3.5 percent and inflation will decrease to 21.9 percent.
The report predicted that the current account deficit will remain at 2.4 percent of the GDP in the next fiscal year, while the unemployment rate will decrease from 7 percent to 6.8 percent in the next fiscal year.
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