In 2023, inflation in Pakistan will be more than 27%, according to the IMF outlook.
Islamabad: The International Monetary Fund (IMF) has released its financial outlook for Pakistan for the fiscal year 2023-2024, which states that the inflation rate will remain at 27.1% until the end of the current fiscal year.
The IMF’s global outlook predicts that inflation will rise worldwide in the coming fiscal year while productivity will decrease, making it essential to increase interest rates to control inflation.
According to the report, Pakistan’s GDP growth rate will increase by 0.5% in fiscal year 2023 and rise to 3.5% in 2024.
The IMF report also indicates that Pakistan’s inflation rate will decrease to around 21.9% in the fiscal year 2024 from 27.1% in fiscal year 2023.
Furthermore, Pakistan’s fiscal deficit will be 6.8% in fiscal year 2023 and increase to 8.3% in fiscal year 2024.
According to the IMF outlook report, Pakistan’s CAD (Current Account Deficit) will be 2.3% in fiscal year 2023 and will rise to 2.4% in fiscal year 2024.
The report also states that Pakistan’s GDP volume will be around PKR 85.4 trillion in fiscal year 2023, increasing to PKR 108.4 trillion in the next fiscal year.
