The International Monetary Fund (IMF) has projected Pakistan’s GDP growth rate at 1.5 percent for the current fiscal year 2020-21, according to the Economic Outlook for 2021 update released by the IMF.
This projection is in comparison with negative 0.4 percent for the previous fiscal year’s GDP growth.
However, the government has envisaged a GDP growth rate target of 2.1 percent for the current fiscal 2020-21.
The government is also expecting the economy to recover in the aftermath of COVID-related economic pressures, which will help achieve the growth trajectory.
Earlier, the IMF had projected the GDP growth rate of positive 1.9 percent for Pakistan. However, after the global outbreak of Coronavirus in the last fiscal year, the GDP growth had tumbled down to a clock at negative 0.4 percent for the fiscal year ending June 30, 2020.
The IMF had projected the 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 the next fiscal year 2021-22, according to the update.
The IMF’s World Economic Outlook for 2021 shows that the global economy is projected to grow at 5.5 percent, emerging economies at 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, the USA 5.1 percent, Mexico 4.3 percent, and Nigeria 1.5 percent.