IMF downgrades Pakistan’s GDP growth forecast to 3.2% for FY25
MG News | September 28, 2024 at 04:39 PM GMT+05:00
September 28, 2024 (MLN): The International Monetary Fund (IMF) has downgraded Pakistan's GDP growth rate projection to 3.2% for the fiscal year 2025 from the July's projection of 3.5%.
That compares with the Asian Development Bank's projection of 2.8%.
Pakistan’s economy grew 2.38% in the fiscal year 2023-24 as compared to a contraction of 0.21% in the previous year, but lower than the targeted 3.5%.
The global lender issued a detailed Pakistan report after approving Pakistan’s request for a $7 billion, 37-month Extended Fund Facility (EFF).
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