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Decline in global growth to affect Pakistan amid coronavirus outbreak: SBP official

KARACHI: Deputy Governor State Bank of Pakistan (SBP) Murtaza Syed on Wednesday said that the global economic growth will witness a decline in the ongoing year and would likely impact the growth rates in Pakistan, ARY NEWS reported.

Addressing a FPCCI meeting, Murtaza Syed said that the outbreak of coronavirus is changing with the passage of time and now its impact has slowed down in China.

“The number of fresh cases from within China have come down and the situation is moving towards improvement,” he said adding that worst is over for China in terms of the virus.

The SBP official said that the virus could bring a negative impact to global growth for a quarter period. “The IMF has already predicted that the global growth rates would witness decline this year as compared to the previous financial year,” the SBP deputy governor said adding that the slow down of global economy would also impact the country’s growth.

He said that Pakistan has opportunities to improve its exports as global monetary policies are witnessing a change.

“After US Central Bank, Britain, Australia and Canada have also announced to bring down their interest rates,” he said.

On 20 September 2019, the International Monetary Fund (IMF) in its declaration released stated that Pakistan’s economic growth rate is projected at 2.4 per cent during the current financial year of 2019-20 and inflation is expected to decline in the coming months.

Read More: Coronavirus forces IMF, World Bank switch to virtual Spring Meetings 

The delegation of the International Monetary Fund (IMF) led by Ernesto Ramirez Rigo concluded its visit to Pakistan during September 16–20. A declaration was released by the financial institution after its mission completed its visit to Pakistan after reviewing economic developments since the start of the Extended Fund Facility (EFF).

Ernesto Ramirez Rigo along with his delegation met top government officials during the visit and discussed progress in the implementation of economic policies.

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