The International Monetary Fund (IMF) has projected GDP growth rate of Pakistan at 1.5 per cent for the current fiscal year 2020-21.
According to the media reports, the projection of the international body was made after comparing the negative growth of 0.4 per cent for the fiscal year 2019-2020 that was declined due to the novel coronavirus pandemic.
Although for the year 2019-2020 the GDP growth rate was projected at 1.9%, however the pandemic hit the economy resulting in severe crisis as thousands lost their jobs.
Whereas, for fiscal year 2020-21, the incumbent government of Pakistan Tehreek e Insaf has envisioned GDP growth rate target of 2.1% with expectations that the recovery of economic activities will help improve the progress trajectory.
IMF in its economic outlook said that 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 per cent.
The IMF had projected 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%. The outlook also showed that the emerging economies stood at 8.3% and Africa at 3.2%.
It is worth mentioning here that Pakistan and China this week embarked on a new venture as they established the first agricultural and industrial cooperation information platform in an attempt to promote in-depth business-to-business cooperation between the two countries.
Speaking on the occasion, Chinese Ambassador to Pakistan Nong Rong said “As we enter the critical juncture of the China-Pakistan Economic Corridor (CPEC), the agriculture sector and industries will be our main focus.”
He said that the year 2021 would mark the completion of 7 decades of brotherly relations between Pakistan and China, and with the launch of the platform, “we will organise forums to display information to further strengthen business-to-business cooperation between the two countries”.