Abb Takk News

Pakistan’s Economic Conditions May Further Decline: IMF

ISLAMABAD: After World Bank, the International Monetary Fund (IMF) has also expressed its fear that economic conditions of Pakistan may further decline in 2019, resulting in the slowdown of economic development and increase in unemployment.

The IMF in its report titled World Economic Outlook 2019, stated that economic development would slow down and unemployment may increase in Pakistan in 2019.

It said the projected GDP growth rate of the country would remain 2.9 per cent this year, while it would be 2.8 per cent the next year, as compared to 5.2 per cent in 2018.

The IMF said the expected budget deficit of the country is likely to be 7.2 per cent, which is feared to increase next year. It said inflation in Pakistan would remain 7.6 per cent, despite a projected 6 per cent.

The current account deficit of the country would remain 5.2 per cent this year and 4.3 per cent next year, the report said. Unemployment would remain 6.2 per cent in the current year, while it would increase to 6.2 per cent next year, the IMF projected.

The global lender in its report said that Pakistan needs to take measures to bring improvement in economic indicators.