The International Monetary Fund (IMF) has said that Pakistan’s economy has been badly affected during the Coronavirus epidemic, it predicted that Pakistan’s economic growth rate will likely be one percent in FY20-2021.
The IMF has slashed Pakistan’s growth rate by one percent, while the government has projected a GDP growth rate of 2.1 percent for the current financial year.
IMF forecasted the average inflation rate at 8.8 percent and the current account deficit at 2.5 of GDP. It had an estimated current account deficit at 1.1 percent last year. In 2020, the economic growth rate will be minus 0.4 percent.
The International Monetary Fund (IMF) has warned in its Economic Outlook report that the world economies will bear the loss of $28,000 billion due to the pandemic.
The global economy will fall 4.4 percent, while India, Italy, and Spain will be the hardest-hit countries. According to the IMF, other global economies, including the United Kingdom, will continue to decline with no signs of improvement. The International Monetary Fund says economies will take a long time to recover and the situation will remain uncertain.
It may be recalled that in a statement issued yesterday regarding the meeting of the National Price Monitoring Committee chaired by Finance Advisor Dr. Abdul Hafeez Sheikh, it was said that due to coronavirus and recent rains, prices of goods in Pakistan have gone up.
According to an official statement, prices of wheat, sugar, tomatoes, onions, potatoes, and chicken, and other essential commodities were also discussed at the meeting. Finance Adviser, Abdul Hafeez Sheikh had directed that all possible steps be taken to provide relief to the consumers.