IMF releases World Economic Outlook report 2019
The International Monetary Fund (IMF) has released World Economic Outlook report 2019.
According to the report, the unemployment rate in Pakistan will go up to 6.2 percent in fiscal year 2020 and unemployment rate in fiscal year 2019 is 6.1 percent.
The actual GDP of Pakistan was 5.5% in Fiscal Year 2018, which was reduced to 3.3% in 2019.
According to the IMF, Pakistan’s real GDP will decline further, GDP will grow by 2.4% in 2020 financial year.
The IMF said that Pakistan’s growth rate will reach 5% of GDP by 2024, inflation rose to 3.9% in 2018, which increased to 7.3% in 2019.
According to the IMF, inflation may rise to 13 percent in the fiscal year 2020, based on CPI, inflation in Pakistan will decrease by 2024 or remain at 5 percent.
On this occasion Pakistani officials said that GDP growth rate would decline further while the growth rate is expected to be 3.5% of GDP.
The Pakistani authorities is optimistic that the agriculture sector will also increase.
It is pertinent to mention here that talks between Pakistan and the IMF technical delegation are underway for the second installment. IMF’s technical delegation talks with FBR will be held today.
FBR’s will also give briefing on income and sales tax issues, the IMF team is concerned about Pakistan’s revenue shortfall.
The technical team will review the release of the second installment after negotiations on tax matters.
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