IMF Projects Pakistan’s Growth Rate at 4 Percent in FY22
Islamabad: Pakistan’s GDP is expected to grow by 1.5% in 2021 and 4% in 2022, according to the International Monetary Fund (IMF). The IMF expects a stronger economic recovery in 2021, when the Covid-19 vaccine will start to be distributed.
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The IMF said that it thinks the world economy will grow by 6% in 2021. This is more than the 5.5 percent growth it thought it would see in January. The global GDP is expected to grow by 4.4% in 2022, which is more than the earlier estimate of 4.2% growth.
In its annual World Economic Outlook (WEO), the IMF said that the Pakistani economy should grow by 4% in 2022, after shrinking by 0.4% in 2020. In 2021 and 2022, emerging and developing Asia is expected to grow by 8.6% and 6%, respectively.
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The IMF thought that advanced economies would grow by 5.1% this year, with the United States growing by 6.4%.
The IMF said that the governments should keep working to “get out of the crisis” by giving financial support to their healthcare systems and other areas. In a second phase, “policymakers will need to limit long-term economic scarring” from the crisis and increase public investment, the report said.
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