The International Monetary Fund (IMF) referring to the negative growth of 0.4% for the previous fiscal year 2019-20, has executed Pakistan’s GDP growth rate at 1.5% for the current year 2020-21 on Wednesday.
However, with the expectation that the recovery of economic activities will help improve the growth trajectory in the aftermath of overcoming the COVID-19 pandemic, the incumbent government has envisioned a GDP growth rate target of 2.1% for fiscal year 2020
Moreover, the international regulatory body had projected a positive GDP growth rate of 1.9% for Pakistan in the last fiscal year, but after the outbreak of the coronavirus pandemic, the GDP growth had fallen and stood at a negative 0.4% for the fiscal year that ended on June 30, 2020.
Pakistan’s GDP growth forecast is projected at 1.5% for the current fiscal year as the difference from October’s last projection was 0.5%, according to the Economic Outlook for 2021 update released by the IMF.
According to the sources, the IMF had forecasted GDP growth rate at 1% but has now revised it upward to 1.5% for the current fiscal year. The IMF has projected that Pakistan’s growth rate will be 4% of GDP in the next fiscal year 2021-22. The IMF’s World Economic Outlook for 2021 highlights that the global economy is projected to grow at 5.5%.
It also indicates that the upcoming economies stood at 8.3% and Africa at 3.2%.
India is ranking 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%.
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