Fitch adjusts Pakistan's growth rate downward to 3.2 pct

ISLAMABAD: Fitch rating agency in its recent report on the economy predicted that the growth rate in Pakistan this year will be around 3.2 percent, ARY News reported on Thursday.

In fresh forecast of Fitch on Pakistan’s economy, it has adjusted the growth rate further downward, as in an earlier report it had predicted four percent growth rate of the country.

The credit rating agency has also forecast further down slide in growth rate of the economy in the next fiscal year.

Pakistan’s economy is faced with growing challenges that will adversely hit the life of the common man with increase in inflation and decrease in the purchasing power, report said.

The report also said that the rising inflation has come on the back of depreciation in the Rupee against the US dollar along with high international oil prices.

The rating agency also predicted increase in imports along with hike in oil prices in international market will enhance the import bill.

The report said that the business environment and investment will also slow down in the country.

The rating agency in an earlier report on Pakistan said that the austerity measures and cut in expenditure will prove very difficult for the government.