The International Monetary Fund (IMF) has slammed the government’s estimates of Pakistan’s economic growth, predicting a growth rate of only 1% next fiscal year instead of the government’s target of 2.1%.
The International Monetary Fund has released the World Economic Outlook Update Report 2020, which estimates the economic performance of 30 key countries, including Pakistan.
The government has set a growth target of 2.1 percent in the new fiscal year budget, but the International Monetary Fund (IMF) has forecast Pakistan’s economic growth to be only 1 percent.
According to the IMF, the economic growth rate is expected to be 0.4 percent in the fiscal year ending June 30, 2020. The World Health Organization has advised member states to spend more resources in the health sector.
The report said that the economic crisis could be exacerbated by the Corona, which could lead to debt and financial problems for some countries from January to March 2021.
According to the report, developed countries have stopped the spread of the virus through lockdowns and other measures, but activities at retail, transit stations, work, and leisure sites are still limited.
The World Bank has indicated that global oil prices are likely to remain low next year, which will benefit developing countries, including Pakistan. According to the report, the global price of crude oil is expected to be $ 37.5 per barrel in 2021.