• IMF released World Economic Outlook Report.
• This year unemployment is likely to decrease to 8%.
• The current account deficit will remain at 1.8%  of GDP .

ISLAMABAD: The International Monetary Fund (IMF) has predicted that the inflation rate in Pakistan for the current financial year will be 23.6 percent and the Gross domestic product (GDP) growth is estimated to reach 5 percent by the year 2028.

The International Monetary Fund (IMF) released the World Economic Outlook Report.

According to the IMF, the economic growth rate of Pakistan will be 2.5 percent for the current fiscal year.

The last financial year’s unemployment rate was 8.5 percent but this year unemployment is likely to decrease to 8 percent while the current account deficit will remain at 1.8  percent of GDP this year.

In the IMF report, it is said that the effects of the Corona epidemic and the Russia-Ukraine war are continuing at the global level.

The IMF says in the report that the global economy continues to recover from the COVID-19 pandemic, Russia’s invasion of Ukraine, and the cost-of-living crisis. In retrospect, the resilience has been remarkable.

According to the Fund’s latest projections, world economic growth will slow from 3.5 percent in 2022 to 3 percent this year and 2.9 percent next year, a 0.1 percentage point downgrade for 2024 from July. This remains well below the historical average.

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Headline inflation continues to decelerate, from 9.2 percent in 2022 on a year-over-year basis, to 5.9 percent this year and 4.8 percent in 2024. Core inflation, which excludes food and energy prices, is also projected to decline, albeit more gradually, to 4.5 percent next year. Most countries aren’t likely to return inflation to the target until 2025.