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Print Print 2023-04-12

IMF drastically cuts Pakistan’s FY23 growth forecast to 0.5pc

  • Projects rise in inflation from 19.9 percent to 27.1 and unemployment from 6.2 percent to 7 percent
Published April 12, 2023

ISLAMABAD: The International Monetary Fund (IMF) has revised downward the GDP growth rate projection for Pakistan from two percent to 0.5 percent for the current fiscal year, ie, 2023. The Fund projected a rise in inflation from 19.9 percent to 27.1 and unemployment from 6.2 percent to 7 percent.

The World Bank has already revised downward the GDP growth projection to 0.4 per cent and Asian Development Bank (ADB) to 0.6 per cent for the current fiscal year 2023.

The Fund in its latest report, “World Economic Outlook (WEO): A rocky recovery” released on Tuesday noted that Pakistan’s GDP is projected to be 3.5 per cent in the fiscal year 2024 which was six percent in the fiscal year 2022.

World Bank cuts Pakistan’s GDP forecast to 0.4%

The Fund has also revised upward the inflation rate projection to 27.1 percent for the current fiscal year against its earlier projection of 19.9 per cent. According to the report, consumer prices were 12.1 per cent in 2022 and are projected to be 21.9 per cent in 2024.

Unemployment in the country is projected to increase to seven percent in 2023 against 6.2 per cent in 2022, which is projected to be 6.8 per cent in 2024.

The current account balance is projected at negative 2.3 per cent for 2023 compared to negative 4.6 per cent in 2022 and projected negative 2.4 per cent for 2024.

IMF deal taking time due to delay in assurance from friendly nation: Ishaq Dar

The Fund in another report, “Global Financial Stability Report: Safeguarding Financial Stability Amid High Inflation And Geopolitical Risks” released on Tuesday stated that exchange rates in several frontier markets (Egypt, Ghana, Pakistan) have weakened substantially through market pressure or official devaluations, with a growing divergence between official and parallel market rates in some cases.

Copyright Business Recorder, 2023

Comments

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AmirSh Apr 12, 2023 07:45am
What can you expect when there's dog fight amongst institutions and politicians first and last objective is to crush Imran Khan. Very sad & bad situation for real owners of Pakistan i.e. awam-e- Pakistan.
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Tulukan Mairandi Apr 12, 2023 07:58am
0.5% was about the same economic growth when the soviet union balkanized, then yugoslavia was divided, when uganda spiraled into civil war (Tutsi Hutu conflict), and when the Albanian economy collapsed. For anyone to think that we will not default or collapse, you must be living in wonderland!
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Arshad Apr 12, 2023 11:47am
Welldone PDM !
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Joe Apr 12, 2023 12:30pm
"IMF drastically cuts Pakistan’s FY23 growth forecast to 0.5pc" No surprise...the compromised leaders & generals have compromised the future of country for the love of real estate!
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Fatima Apr 12, 2023 12:50pm
Does this account for 2% population growth ?
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Fatima Apr 12, 2023 12:59pm
@Tulukan Mairandi, Tutsi Hutu was Rwanda
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Haris Apr 12, 2023 01:22pm
Thanks to Imran khan to take Pakistan to this brink. First did the extreme corruption during his tenure and now when thrown away he is trying all his best to make Pakistan destablize. But Inshallah that bad period will be gone and that left nothing except pain for people like Tulukan Mairandi :)
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Haris Apr 12, 2023 01:26pm
I wonder what followers of Imran think about corruption of Generals before April 2022? especially between 2018 - 2022. Were they not? how naive our innocent brothers.
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A. Tahir Apr 12, 2023 01:53pm
@Haris, But! Everyone knows the truth! Lies cannot stand and they do not have legs to stand upon!
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Siddiq Baloch Apr 12, 2023 04:27pm
@Fatima, it's because we pick on typos and these irrelevant details, that we are on the verge of catastrophic meltdown. Focua on the bigger picture. What Tulukan Mairandi said is 100% correct.
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bonce richard Apr 13, 2023 04:43am
@AmirSh, Our army never wants a fair election.
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