Due to the increase in foreign exchange reserves, the economic growth rate of Pakistan is likely to be up to 2 percent this fiscal year.
The report on the economy of Pakistan by the International Monetary Fund (IMF) has said that the foreign exchange reserves of the government of Pakistan have increased from 4.5 to 8.2 billion dollars, and the economy is on the right track from July 2023.
The report said that Pakistan achieved all the targets for economic improvement from July to September, there is a need for reforms in the energy sector in Pakistan, and the cost of electricity production is high.
According to the IMF report, the agricultural sector in Pakistan is growing at a rate of 5.1%. Still, the industrial sector is in trouble and the growth rate of the industrial sector is only 2.5%.
According to the report, Pakistan controlled border smuggling of dollars, inflation rate was 36% in May 2023 and 26.8% in October 2023.
According to the IMF report, Pakistan’s economic growth rate is expected to be 2% and the unemployment rate is 8% this fiscal year.
According to the report, the unemployment rate in Pakistan was 8.5% last fiscal year, the revenues and grants in this fiscal year may be 12.5% of GDP while the budget deficit is likely to be 7.6% of GDP.
According to the IMF report, the current account deficit could be up to 1.6% of GDP this fiscal year, tax and non-tax revenue growth is welcome, tax and non-tax revenue growth controlled the deficit.
