ISLAMABAD: In its latest report, the International Monetary Fund (IMF) has projected the GDP growth rate for Pakistan at 2.5% for FY24.
In a report titled “World Economic Outlook 2023, Navigating Global Divergences”, the IMF has projected the GDP growth rate for Pakistan at 2.5% for 2024 against a negative 0.5% in 2023.
The current account balance is projected at negative 1.8% for 2024 compared to negative 0.7% for 2023.
Meanwhile, the IMF, in its report projected a decrease in unemployment in Pakistan to 8% in 2024 compared to 8.5 % in 2023.
It also projects a 23.6% inflation rate for 2024 comparable to 29.2% in 2023, the report states.
IMF has also projected Pakistan’s general government net lending/borrowing at negative 7.6 % for 2024 against negative 8.1% for 2023.
The report also lauded the State Bank of Pakistan, stating it as an example of improvements in communication strategies. This includes actions since 2020 by the central banks of Pakistan and Uruguay to announce their preset monetary policy meeting calendar in advance.
The IMF, in its report, mentioned that global growth is forecast to slow from 3.5 % in 2022 to 3.0 % in 2023 and 2.9 % in 2024.
As per the IMF, advanced economies are expected to slow down from 2.6% in 2022 to 1.5 % in 2023 and 1.4 % in 2024. The fund expects stronger-than-expected growth in the US, but weaker-than-expected growth in the euro area.
Emerging markets and developing economies are projected to have modest decline in growth, from 4.1 % in 2022 to 4.0 % in both 2023 and 2024, with a downward revision of 0.1 percentage point in 2024, reflecting the real estate crisis in China.
