The International Monetary Fund (IMF) on Tuesday revised up its projection for Pakistan’s real Gross Domestic Product (GDP) growth rate to 3.9%.
In its World Economic Outlook report 2021 (update), the IMF said, “Projections are revised up for the Middle East and Central Asia due to robust activity in some countries (such as …Pakistan)”.
Earlier in April this year, the IMF had projected Pakistan’s real GDP to grow at 1.5% in the year 2021 despite a higher projected rate of 3.0% by the State Bank of Pakistan (SBP).
Pakistan’s government had already released the provisional data of GDP growth rate (3.9%) for the year 2020-21 backed by robust industrial growth and higher than expected agriculture output.
The SBP on Tuesday forecast the GDP growth to rise from 3.9% in FY21 to 4-5% this year, and average inflation to moderate to 7-9% from its recent higher out-turns.