IMF chief research Daniel Leach has said that Pakistan’s economy was stable at the start of fiscal year 2022 and the economic growth rate was 6 percent.
According to News, Chief Researcher Daniel Leach said in a news conference on the release of IMF Outlook 2023 that Pakistan’s economy was stable at the beginning of fiscal year 2022. In fiscal year 2022, Pakistan’s economic growth was globally significant with a growth rate of 6 percent.
Daniel Leach said that Pakistan’s economy has come under pressure in fiscal year 2023 and Pakistan’s economic growth may be only 2 percent by the end of this fiscal year.
Referring to the IMF’s Chief Research Outlook Report, he further said that in the fiscal year 2023, there was a sudden increase in inflation in Pakistan. Interest rates also rose to 17 percent to control inflation after last year’s floods hit food supplies in Pakistan, leading to a spike in inflation.
He further said that inflation increased due to floods. In the year 2023, inflation was observed to be more than 21 percent. The exchange rate of the dollar has further increased inflation in Pakistan.
Daniel Leach said that the government of Pakistan has taken steps to improve the economy. Inflation in Pakistan can come down to 7% by 2025 with the continuation of economic policies.
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