Citing negative growth of 0.4% for the 2019-20 fiscal year, the International Monetary Fund (IMF) achieved 1.5% of Pakistan’s GDP growth rate for the current year 2020-21 on Wednesday.
However, with the expectation that the recovery in economic activity will help improve the growth trajectory after overcoming the COVID-19 pandemic, the incumbent government envisioned a 2.1% GDP growth rate target for fiscal year 2020.
Moreover, the international regulator had predicted a positive GDP growth rate of 1.9% for Pakistan in the last fiscal year, but after the outbreak of the coronavirus outbreak, GDP growth fell and was 0.4% negative for the fiscal year ended on 30 June 2020. .
According to the 2021 Economic Outlook update released by the IMF, Pakistan’s GDP growth forecast is estimated at 1.5% for the current fiscal year as the difference from the last forecast for October is 0.5%.
According to the sources, the IMF had estimated the GDP growth rate at 1% but currently increased to 1.5% for the current fiscal year. The IMF predicted that Pakistan’s growth rate will be 4% of GDP in the next fiscal year 2021-22. The IMF’s 2021 World Economic Outlook emphasizes that the global economy is expected to grow by 5.5%.
It also shows that future economies are at 8.3% and Africa at 3.2%.
India 11.5 percent, China 8.1 percent, 7 percent, Malaysia, Turkey 6 per cent, France 5.5 per cent, 5.1 per cent to US, Mexico and Nigeria will grow 4.3 percent to 1.5 percent.