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ISLAMABAD: The International Monetary Fund (IMF) has revised upward the GDP growth projection for Pakistan to 3.9 percent for 2021 from its earlier projection of 1.5 percent.

The Fund, however, maintained GDP growth for 2022 at four percent.

The Fund in its latest report, “World Economic Outlook, Fault Lines Widen in the Global Recovery” released on Tuesday, stated that projections are revised up for the Middle East and Central Asia due to robust activity in some countries (such as Morocco and Pakistan), partially offset by downgrades of some others.

The Fund in its report “World Economic Outlook” released in April 2021 had projected GDP growth for Pakistan at 1.5 percent and four percent for 2022.

IMF says welcomes ‘strong engagement’ with Pakistan

The report noted that economic prospects have diverged further across countries since the April 2021 World Economic Outlook (WEO) forecast. Vaccine access has emerged as the principal fault line along which the global recovery splits into two blocs: those that can look forward to further normalisation of activity later this year (almost all advanced economies) and those that will still face resurgent infections and rising COVID death tolls. The recovery, however, is not assured even in countries where infections are currently very low, so long as the virus circulates elsewhere.

The global economy is projected to grow 6.0 percent in 2021 and 4.9 percent in 2022.

The 2021 global forecast is unchanged from the April 2021 WEO, but with offsetting revisions. Prospects for emerging market and developing economies have been marked down for 2021, especially for Emerging Asia. By contrast, the forecast for advanced economies is revised up.

IMF urges countries to shift from economic rescue to reforms

These revisions reflect pandemic developments and changes in policy support.

The 0.5 percentage-point upgrade for 2022 derives largely from the forecast upgrade for advanced economies, particularly the United States, reflecting the anticipated legislation of additional fiscal support in the second half of 2021 and improved health metrics more broadly across the group, it added.

Copyright Business Recorder, 2021

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