The International Monetary Fund (IMF) has alarmed the bells for Pakistan’s economy, saying that inflation and unemployment will rise in the country during the current financial year.
This was stated by the international money lender’s report on Pakistan’s economy. It said the country’s growth rate is expected to be 1.5% from minus0.2% this year, while the government has forecast its growth rate as 2.1%.
IMF report predicts unemployment rate to increase by 2.5% during the current fiscal year.
The World Bank has projected Pakistan’s growth rate to be 1.3%.
The IMF and the government’s figures were also contradictory to one another when it came to inflation. As per the report, the government has projected the inflation rate to be at 6.5% during the current fiscal year, while the IMF projects it to be at 9.75%.
The IMF has projected Pakistan’s current account deficit to remain at 1.5% of the country’s gross domestic product (GDP), while the government has projected it to be 1.4% of the GDP this fiscal year.
The international money lender said Pakistan’s growth rate will improve in the next fiscal year expectedly.