IMF forecasts 4pc GDP growth for Pakistan in 2022

ISLAMABAD: The International Monetary Fund (IMF) has forecast a four percent Gross Domestic Product (GDP) growth for Pakistan in 2022, ARY NEWS reported.

In its World Economic Outlook report – released at the start of the IMF’s and World Bank’s spring meetings- the international body shared that the GDP growth for Pakistan remained at negative (-)0.4 percent during 2020.

It said that the GDP growth would remain at 1.5 percent during the ongoing fiscal year and would witness an upward trend to touch the four percent mark in 2022.

IMF’s Koeva Brooks: In Pakistan, we are seeing a subdued recovery in Pakistan with growth expected at 1.5% this year, driven by industry & construction. The path of the pandemic and the ability of the authorities to provide policy support will be important for that outcome. #WEO pic.twitter.com/1FEtk5ju4y

— IMFLive (@IMFLive) April 6, 2021

The monetary body said that the rate of inflation remained at 10.7 percent in the country during 2020, and would witness a decline in 2021 to 8.7 percent and a further downward trend to 8 percent in 2022.

Further commenting on the unemployment ratio in the country, the IMF report highlighted that joblessness would remain around five percent in the country this fiscal year and would follow a declining trend in 2022 to remain at 4.8 percent.

The Fund’s report further highlighted that the positive trend in the current account would continue and predicted that the current account balance would remain at 1.5 percent of the GDP.