Pakistan IMF News: IMF gave another bad news to Pakistan amidst pauperism, big trouble is coming – gdp growth of pakistan cut by imf to 0.5 percent biggest worry for country
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The country’s economic progress will be less
The organization had earlier estimated that the country’s GDP growth rate in FY2024 would be 3.5 per cent. Whereas in its last report released in January, the IMF had reduced the GDP forecast to 2 per cent from the earlier 3.5 per cent. The IMF report estimated that inflation as measured by the Consumer Price Index (CPI), which was recorded at around 27.1 per cent in FY2023, would reach 21.9 per cent in FY2024. Meanwhile, the current account deficit is projected to remain at 2.3 per cent to 2.4 per cent in fiscal 2023 and 2024.
Problems due to not getting bailout
The World Bank and the Asian Development Bank (ADB) had also given Pakistan’s growth rate estimates ranging from 0.4 per cent to 0.6 per cent. The IMF report comes just a few days after these banks’ estimates. Pakistan’s economy is struggling to improve. While inflation in the country is at a high level after a decade. Many companies have also stopped operations or reduced production citing the economic situation. The delay in releasing the bailout from the IMF is making the situation more difficult.
bread for two times is also difficult
The situation in Pakistan is getting worse day by day. Inflation in the country is creating new records everyday. People are also facing difficulties in breaking their fast in this month of Ramzan. Where bananas are being sold at Rs 400 a dozen, apples are being sold at Rs 450 a kg. On the other hand, the prices of onion have also increased and it is being sold at Rs.200 per kg. Flour, milk, rice, meat and chicken have gone out of reach of common people. Some people are forced to eat one day’s food for two days. At the same time, parents are now taking their children out of good English medium schools to save money and teaching them in government Urdu medium so that the amount of fees can be saved.
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