Islamabad: The International Monetary Fund (IMF) has projected Pakistan’s GDP growth at 1.5 per cent in 2021 and 4 percent in 2022, as the IMF is expecting a stronger economic recovery in 2021 as Covid-19 vaccine roll-outs get underway.
The IMF said that it expects the world economy to grow by 6 per cent in 2021, up from its 5.5 percent forecast in January. Looking further ahead, global GDP for 2022 is seen increasing by 4.4 percent, higher than an earlier estimate of 4.2 percent.
The IMF, in its annual World Economic Outlook (WEO), said the Pakistan economy is expected to grow at 4 percent in 2022 after a contraction of 0.4 per cent in 2020. Emerging and developing Asia is anticipated to grow by 8.6 percent in 2021 and 6 percent in 2022.
The IMF estimated growth of 5.1 percent for advanced economies this year, with the United States expanding by 6.4 percent.
The IMF said the governments should continue to focus on “escaping the crisis” by providing fiscal support, including to their healthcare systems. In a second phase, “policymakers will need to limit long-term economic scarring” from the crisis and boost public investment, it added.
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