The International Monetary Fund (IMF) has released the World Economic Outlook Report 2024, According to which there is a possibility of a reduction in inflation and unemployment in Pakistan.
The IMF has predicted in its report that the economic growth rate in Pakistan will be 3.2 percent this fiscal year, while this rate was recorded at 2.4 percent last fiscal year.
According to the report, the average inflation rate in Pakistan is expected to be 9.5 percent this year, while the annual inflation rate is expected to be 10.6 percent against the target of 12 percent. The average rate of inflation in the last fiscal year was 23.4 percent.
The IMF has said in its report that the unemployment rate may come down to 7.5 percent this year, while it was recorded at 8 percent last fiscal year.
The report also said that the current account deficit is estimated to be negative 0.9 percent in the current fiscal year, compared to negative 0.2 percent in the previous fiscal year. The growth rate of the global economy is expected to be 3.2 percent in the year 2024.
According to the IMF, the global economy is facing various conflicts, social tensions, and climate risks, which could lead to regional conflicts affecting global efforts to reduce interest rates. The supply of various commodities, including oil, may also be disrupted.
According to the report, global inflation is expected to be 5.8 percent this year and 4.3 percent next year. At the international level, commodity prices are expected to decrease, while prices of services are likely to increase. A change in policies is also expected because of the elections in other countries including the United States.
