Fiscal year 2024, economic growth in Pakistan 2%, inflation likely to decrease, IMF

The International Monetary Fund (IMF) has said that the overall economic situation of Pakistan has improved, the economic growth rate is likely to be 2 percent in the current financial year 2024. According to the report released by the IMF, the financial year 2024 The economic recovery is expected to improve further in the second half of 2018. The report said that the primary surplus stood at 0.4 percent of gross domestic product (GDP) in the first quarter of the current fiscal year due to overall strong revenues.

According to the IMF, the level of inflation is still high, but with strict policy, it can come down to 18.5 percent by the end of June 2024. The report stated that foreign exchange reserves with the State Bank of Pakistan in December 2023. increased to $8.2 billion, from $4.5 billion recorded in June 2023, while the exchange rate also remained largely stable.

The International Monetary Fund said that the current account (current account) deficit is expected to increase to about 1.6 percent of GDP in the fiscal year 2024. The report said that by implementing stable economic policy and structural reforms, inflation will be controlled by the state. The Bank's target should be returned while economic growth will continue to stabilize in the medium term. The IMF in its report emphasized the need for energy reforms, saying that the cost of electricity production in Pakistan is very high. It was reported that the unemployment rate in Pakistan is expected to be 8 percent during the current fiscal year 2024, which was 8.5 percent last fiscal year.