Pakistan’s economic growth rate is likely to be 2 percent this fiscal year

The International Monetary Fund (IMF) has released a report on Pakistan’s economy.

The IMF has said in its report that the growth rate of Pakistan’s economic development this fiscal year is likely to be 2 percent, the government’s foreign exchange reserves have increased from 4.5 to 8.2 billion dollars, and the economy is on the right track from July 2023.

In the report, the IMF said that Pakistan achieved all the targets for economic improvement from July to September, there is a need for reforms in the energy sector in Pakistan, the production cost of electricity is high.

According to the IMF, the agricultural sector in Pakistan is growing at a rate of 5.1%, the industrial sector in Pakistan is in trouble, the growth rate of the industrial sector is only 2.5%.

The International Monetary Fund said that Pakistan controlled the prevention of dollar smuggling at the borders, Inflation rate was 36% in May 2023 while inflation rate was 26.8% in October 2023, Unemployment rate in Pakistan was 8% this fiscal year. is expected.

The report said that the unemployment rate in Pakistan last fiscal year was 8.5 percent, this fiscal year revenues and grants may be 12.5 percent of GDP, this fiscal year budget deficit is likely to be 7.6 percent of GDP. .

The IMF said that the current account deficit could reach 1.6 percent of GDP in the current fiscal year, while tax and non-tax revenue growth is encouraging.