Connect with us

Hi, what are you looking for?

Latest News
• Governor Sindh Imran Ismail met Prime Minister Imran Khan today • Restoration of industrial process is government’s foremost priority: PM Khan • Afghan parliament speaker Mir Rehman Rehmani visits National Assembly Pakistan • Coronavirus positivity rate 40% higher over past four days: NCOC • Case fatality rate now 2.06% compared to global average 2.72%: NCOC • Man impersonating army captain arrested in Rawalpindi • Police confiscated fake uniforms, badges from him • Fawad Chaudhry confirms launch of country's OTT service • Sindh govt. announces public holiday on Oct 30 for 12th Rabi ul Awwal • Today is the last day of FATF virtual meeting • PDM Quetta rally venue changed after threat alert issued • It will be held at the Ayub Stadium • Federal govt. won't start developing islands without telling Sindh: Attorney-General Sindh • High Court hears petition against Centre's control of islands • Islamabad's PIMS shuts down wards over coronavirus rise • Nephrology ward closed, dialysis only available to Islamabad residents • Total number of coronavirus cases reported in the last 24 hours are 736 • Among them 13 died due to the virus • KP government to introduce ‘Kalash Marriage Act’ • It will legalise marriages, divorces • Cristiano Ronaldo tests positive for coronavirus again: reports • Juventus striker in quarantine at his home in Turin • India's World Cup winning former captain Kapil Dev suffers heart attack • Kapil has reportedly undergone angioplasty at a hospital in the Indian capital and is recovering

Economy

IMF predicts 1 pc growth, rising unemployment

International Monetary Fund (IMF) headquarters building is seen during the IMF/World Bank annual meetings in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas - RC12FB7FAB40

ISLAMABAD: The International Monetary Fund (IMF) on Tuesday forecast a subdued economic growth rate for Pakistan coupled with an elevated rate of inflation and rising unemployment during the current fiscal year.

In its World Economic Outlook (WEO) 2020, the IMF projected Pakistan’s growth rate at 1%, average inflation rate at 8.8%, current account deficit at 2.5% of GDP (gross domestic product), and unemployment rising by 0.6% to 5.1pc during the current fiscal year. This is in sharp contrast with targets of 2.1% GDP growth rate, 6.5% inflation, and 1.5pc current account deficit set by the government.

Going forward, the Washington-based lending agency projected the economic growth rate recovering to 5% of GDP by 2025. It said the rate of inflation would be peaking at 10.2% at the end of FY2021. The IMF estimated current account deficit rising from 1.1% of GDP in FY2020 to 2.5% in FY2021 and then going up to 2.7% in FY2025.

The WEO projected global growth at -4.4% in 2020 — 0.8 percentage point above the June 2020 forecast. It said the stronger projection for 2020 compared with June 2020 estimates reflected the net effect of two competing factors: the upward impetus from better-than-anticipated second-quarter GDP outturns (mostly in advanced economies) versus the downdraft from persistent social distancing and stalled re-openings in the second half of the year.

The WEO noted that recovery had taken root in the third quarter of 2020 and was expected to strengthen gradually over 2021.

“The recovery is likely to be characterized by persistent social distancing until health risks are addressed and countries may have to again tighten mitigation measures depending on the spread of the virus,”

it added.

The IMF projected global growth at 5.2% in 20210.2 percentage point lower than the growth estimated in June 2020. The projected 2021 rebound following the deep 2020 downturn implies a small expected increase in global GDP over 2020-21 of 0.6 percentage point relative to 2019.

Reported by: The Truth International

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Latest

Latest Updates

Pakistan is all set to launch its first online streaming service, announced Federal Science and Technology Minister Fawad Chaudhry on Friday. He called the...

Latest Updates

Adviser to the Chief Minister on Minority Affairs Wazirzada said the act is being formulated in consultation with 74 judges, experienced lawyers, and influential...

Latest Updates

In continuation with a series of escalating warnings, the National Command and Operation Centre (NCOC) has sounded the alarm over the average positivity ratio...

Advertisement Enter
ad code here

Facebook

International Relations

Shelling by Indian forces has affected all facets of life and created humanitarian issues in AJ&K

Political Affairs

Water shortage in Sindh is a reality, especially in the tail areas of many districts, which has made millions of acres of irrigated land...

International Relations

The region where Pakistan is located is undergoing a transformative phase that is witnessing changes in perceptions, policies, and ground realities. The region, which...

Political Affairs

Even the man in the street here is well versed in the “Minus One Formula” as the phrase is a regular feature of our...

Copyright The Truth International © 2020