International Monetary Fund (IMF) has predicted Pakistan’s GDP growth rate at 1.5% for the current fiscal year 2020-21 contrary to negative growth of 0.4% for the previous fiscal year 2019-20.
However the current government has envisioned the target GDP growth at 2.1% for fiscal year 2020-21 with the expectation that the recovery of economic activities will help improve the growth trajectory in the aftermath of overcoming the COVID-19.
While IMF had previously predicted a positive GDP growth rate of 1.9% in the last fiscal year, however after the outbreak of the coronavirus pandemic, the GDP growth had fallen and stood at a negative 0.4% till June 30, 2020.
According to the World Economic Outlook for 2021 update released by the IMF, Pakistan’s GDP growth is projected at 1.5% for the current fiscal year as the difference from October’s last projection was 0.5%.
The report by IMF also suggests that Pakistan’s growth rate will be 4% of GDP in the next fiscal year 2021-22.
World Economic Outlook for 2021 by IMF highlights that the global economy is projected to grow at 5.5%.
The report also shows that India is projected to grow at 11.5 percent, China 8.1%, Malaysia 7%, Turkey 6%, France 5.5%, the USA 5.1%, Mexico 4.3%, and Nigeria 1.5%.