Monday, December 4, 2023

Pakistan’s unemployment rate and inflation are expected to rise this year: IMF Report

The International Monetary Fund (IMF) recently overshadowed Pakistan’s economy in a report, which stated that unemployment and inflation in the country will increase this year.

This emerges from the reports of international creditors on the Pakistani economy.

According to reports, the country’s growth rate is expected to be 1.5% this year, while the government estimates the growth rate is 2.1%.

The state bank estimates Pakistan’s growth rate at 3%, said the report, adding that the World Bank estimates Pakistan’s growth rate at 1.3%.

According to the IMF report, the unemployment rate in Pakistan will increase by 1.5% in the current financial year.

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IMF and government data also contradict inflation. According to the report, the government estimates an inflation rate of 6.5% for the current financial year, while the IMF estimates an inflation rate of 8.7%.

The IMF predicts Pakistan’s current account deficit will remain at 1.5% of the country’s gross domestic product (GDP), while the government expects it to be 1.6% of GDP this fiscal year.

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