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IMF LOWERS COUNTRY GROWTH FORECAST

ISLAMABAD: The International Monetary Fund (IMF) on Wednesday brought down Pakistan’s development conjecture significantly to one percent for the following financial year as the worldwide economy seems to have endured more noteworthy difficulties following the Covid-19 pandemic and gives more slow indications of recuperation than recently envisioned.

On April 14, the IMF had evaluated Pakistan’s GDP going negative 1.5pc in the financial year 2019-20 and a 2pc development rate for FY2020-21 in its lead World Economic Outlook (WEO). The Fund presently reconsidered its conjecture to – 0.4pc for the current financial in accordance with the administration’s assessments.

In any case, as a component of its WEO update discharged on Wednesday, the IMF additionally reconsidered descending its following year’s development gauge to 1pc from 2pc in April update and the Pakistan government’s objective of 2.1pc set for the following financial year.

The IMF said the worldwide development was currently anticipated at – 4.9pc in 2020, 1.9 rate focuses underneath the April 2020 WEO estimate. Utilization development, specifically, has been minimized for most economies, mirroring the bigger than-foreseen interruption to residential movement.

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