IMF's report, which forecast bleak 2020 economic indicators for Pakistan, expected inflation rate to surge as high as 13 percent...
ISLAMABAD: The International Monetary Fund (IMF) has forecasted bleak economic indicators for Pakistan for fiscal year 2020, according to a new report issued by the global monetary body on Wednesday.
According to the report, the unemployment rate in Pakistan is expected to rise from 6.1 percent to 6.2 percent in 2020, whereas the gross domestic product (GDP) growth is forecasted to continue shrinking to 2.4 percent.
The GDP in 2019 was recorded at 3.3 percent, down significantly from the 5.5 percent registered a year prior, in 2018. The ongoing year, if it continues as is, will close at a GDP growth of 3.5 percent, the IMF said.
GDP for 2024, however, was expected to reverse its downtrend to hit 5 percent.
On the other hand, the IMF forecasted the inflation rate in Pakistan to surge as high as 13 percent in 2020. In 2024, it may fall to 5 percent on the basis of consumer price index (CPI).
Growth in the agricultural sector was also expected in future, including next year, theglobal monetary body said in its report.