The IMF report says that Pakistan’s unemployment rate and inflation will increase this year

The IMF report says that Pakistan’s unemployment rate and inflation will increase this year

Business
One person counts dollars and other currency notes. Photo: AFP

The International Monetary Fund (IMF) in a recent report has cast a shadow over Pakistan’s economy, saying the country’s unemployment and inflation will rise this year.

This was stated in the report of the International Money Lender on Pakistan’s Economy. It said the country’s growth rate is expected to be 1.5 percent this year, while the government has projected its growth rate to be 2.1 percent.

According to the IMF report, the unemployment rate in Pakistan is projected to increase by 1.5% during the current financial year.

The SBP has forecast Pakistan’s growth rate to be 3%. The report further said that on the other hand, the World Bank has forecast Pakistan’s growth rate to be 1.3 percent.

When it comes to inflation, the IMF and government figures also contradicted each other. According to the report, the government has forecast inflation at 6.5 per cent for the current financial year, while the IMF has projected a growth rate of 8.7 per cent.

The IMF has projected Pakistan’s current account deficit to be 1.5% of the country’s gross domestic product (GDP), while the government has projected 1.6% of GDP for the current financial year.

The international money lender said that Pakistan’s growth rate will increase to 4% in the next financial year.

Hamad Azhar says Pakistan’s economy will grow faster than forecast in 2021

A day earlier, Finance Minister Hamad Azhar had said that Pakistan’s economy would “grow faster than predicted this year”.

Azhar, who is also the head of the Ministry of Industries and Production, had said that Pakistan’s growth target would be set at more than 4% in the next financial year.

“We will come up with concrete programs to expand the tax net,” he said, adding that the PTI-led federal government would also give priority to expanding the scope of the tax system.

The federal minister vowed to continue cracking down on tax evasion, saying the government was “confident in achieving our goals”.

Azhar had said that “this year has seen a dramatic increase in revenue”, adding that the country’s economic output would increase on the basis of stability.

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