IMF projects Pak growth rate at 1.5pc for current fiscal

ISLAMABAD: The International Monetary Fund (IMF) has projected Pakistan’s GDP growth rate at 1.5 percent for the current fiscal year 2020-21 compared to negative 0.4 percent for the previous fiscal year 2019-20.

The PTI led government has envisaged GDP growth rate target of 2.1 percent for the current fiscal 2020-21 with the expectation that the recovery of economic activities will help achieve the growth trajectory in the aftermath of overcoming COVID-19 pandemic.

The IMF had projected the GDP growth rate of positive 1.9 percent for Pakistan in the last fiscal year but after the outbreak of Coronavirus, the GDP growth had tumbled and stood at negative 0.4 percent for the fiscal year that ended on June 30, 2020.

According to Economic Outlook for 2021 update released by the IMF on Tuesday, Pakistan’s GDP growth forecast is projected at 1.5 percent for the current fiscal year as difference from October last projection was 0.5 percent.

The IMF had projected GDP growth rate at 1 percent but now it revised upward to 1.5 percent for the current fiscal year. The IMF has projected that Pakistan’s growth rate would be 4 percent of GDP in next fiscal year 2021-22.

The IMF’s World Economic Outlook for 2021 shows that global economy is projected to grow at 5.5 percent, emerging economies 8.3 percent and Africa at 3.2 percent. India is projected to grow at 11.5 percent, China 8.1 percent, Malaysia 7 percent, Turkey 6 percent, France 5.5 percent, USA 5.1 percent, Mexico 4.3 percent and Nigeria 1.5 percent.