The Economic Development Outlook and Risk Report on the Pakistani economy has been released by the World Bank, in which it has been said that the Pakistani economy is still facing serious challenges, while the country’s economy is facing challenges due to the current political situation.
According to the World Bank report, Pakistan’s economy is facing many challenges.
According to the World Bank report, another 3.9 million people have gone below the poverty line in Pakistan.
The report states that Pakistan’s foreign exchange reserves are less than one month’s worth of imports, inflation in Pakistan is over 25 percent, while there is a need to increase agricultural production in flood-affected areas.
According to the report, debt in Pakistan is 74 percent of the economy, under the FRDL law of Pakistan, debt should be 60 percent of the economy.
According to the Risk Outlook report, Pakistan’s fiscal deficit is expected to reach 6.7 percent and Pakistan’s economic growth rate is expected to be only 0.4 percent.
According to the report, the price of petroleum products has increased by 55% and electricity by 47% in this financial year in Pakistan.
According to the report, the current account deficit, inflation, and payment burden are expected to increase by the financial year 2025, while the report shows that the payment burden will reach 29 billion dollars annually by the financial year 2024 and 2025.
According to the report, the current account deficit will increase to 2.2 percent of GDP by 2025, while Chinese commercial banks, including the IMF, will have to repay the debt and bonds.
According to the World Bank report, the poverty line will not be reduced due to high growth rate and inflation.
The report calls for harmonization of sales tax and income tax reform as indispensable.
According to the report, despite the IMF program, Pakistan is facing a shortage of foreign exchange reserves, for stability, the economic team needs to focus on economic reforms, strategy.
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