The report also anticipates a decrease in inflation, with the inflation rate falling from 29.2% in 2023 to 23.6% in 2024.
ISLAMABAD: (UrduPoint/Pakistan Point News-Oct 10th, 2023) The International Monetary Fund (IMF) has released its projections for Pakistan's economy in 2024, saying that Pakistan is expected to achieve a growth rate of 2.5% in its economy in 2024.
The report also anticipates a decrease in inflation, with the inflation rate falling from 29.2% in 2023 to 23.6% in 2024. Additionally, the IMF forecast a reduction in the unemployment rate from 8.5% to 8% in the coming year. However, there is a projection of an increase in the current account deficit from 0.7% to 1.8% in 2024.
On a global scale, the IMF paints a cautiously optimistic picture of the world economy, noting a slow but ongoing recovery.
Regarding the global economic outlook, the IMF announced that it maintains a consistent GDP growth forecast of 3% for the global economy in 2023. However, it has slightly adjusted its expectations for 2024, lowering the growth forecast to 2.9%.
The IMF's growth expectations for advanced countries remain unchanged, with a growth rate of 1.5% for 2023 and 1.4% for 2024.
For emerging markets, the IMF anticipates a GDP growth rate of 4% for both 2023 and 2024, slightly lower than the previous forecast of 4.1% for 2024 made in July.
In terms of the euro area, the IMF projects growth of 0.7% in 2023, which is a decrease of 0.2 percentage points, and 1.2% in 2024, down by 0.3 points.
Lastly, the IMF had revised its forecast for world trade growth volume, reducing it from 2% to 0.9% for this year and from 3.7% to 3.5% for the next year.
Among major eurozone economies, Germany is expected to experience a slight contraction of 0.5% this year, followed by a modest growth of 0.9% next year.
The IMF's forecasts for the US economy are 2.1% growth for this year and 1.5% for the following year, both showing an increase from previous reports.
For China, the IMF predicts a growth rate of 5% this year and 4.2% in 2024, while Russia is expected to see growth of 2.2% this year and 1.1% in 2024.
