Earlier IMF had predicted the Pakistan’s GDP growth for 2014 and 2015 to be 3.3 and 4.8, which it has revised to 3.2 for year 2014 and 4.4 for year 2015. PHOTO: FILE
Earlier IMF had predicted that the average GDP growth for 2014 and 2015 of Pakistan, Afghanistan, Middle East and North Africa to be 3.3 and 4.8, which it revised on Tuesday to 3.2 for 2014 and 4.4 for the year 2015.
The IMF report acknowledged that the manufacturing sector in Pakistan recovered faster than it was expected on the back of improved electricity supply and recent exchange rate depreciation. But this positive development was offset by weak cotton production.
The real GDP growth rate which was 3.6 in the year 2013 is projected at 3.1 and 3.7 per cent for the year 2014 and 2015 respectively.
The report forecast the current account deficit for Pakistan for current and next year at 0.9 and 1.0 per cent, which was one per cent in the previous year.
According to the IMF report, unemployment rate is also expected to rise to 6.9 per cent in 2014 and 7.2 per cent in 2015, which was 6.7 in 2013.
IMF has also lowered its overall projection for the world economic growth this year and next year, reflecting slowing activity in the emerging and developing economies.
World growth to be 3.6 percent this year and 3.9 percent next year - #WEO - http://t.co/lwcnOK1a8Y
— IMF (@IMFNews) April 8, 2014
Here are the IMF's new predictions for annual gross domestic product growth in 2014 and 2015, with the change in percentage points from its January 2013 World Economic Outlook update in parentheses.
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@Pakistani Patriot:
Musharraf cooked the books to inflate all economic parameters.
The real problem of Pakistan economy is corruption and law in order and on top they are taking huge debt every years. PPP government took almost 30 billion dollars in 5 years , now even faster nawaz Govt going and they have taken more than 8 billion dollars already. There is a big need to maximize the tax colection from rich, education, and law enforcement strong.
Govt in first years always introduce new reforms and new policies. As soon as they are successful in implementation, there is change. The IMF may put GDP at 3.2 % in 2014. But look at the change in 2015. GDP rises to 4.4 %.
The IMF is mostly responsible for forcing our government to reduce expenditure.
@Nadir: See this: http://tribune.com.pk/story/692755/federal-bureau-of-statistics-financial-condition-of-every-third-household-tumbles-says-survey
And this: http://tribune.com.pk/story/690244/for-2nd-year-in-row-pakistans-economy-will-slow-down-to-3-4-says-adb/
Both news are from this month. In fact the opening sentence of the second news is specifically for the like of you.
Well don't worry Mr. Dar will refute these projections and will come up with his own lies and pipe dreams. Welcome to the mafia led govt. Of Mr. Sharif.
Yo I$haq Dar: Could you stop fudging numbers now?
Seriously people need to learn to read-up before jumping to "Leave Your Reply Below" section. The forecast is for Afg, Pakistan, Middle East & North Africa combined.
@Hitler: @Nadir: Where are those people who started hailing PML(N) govt.
There comes one (Nadir) from under a stone.
@Pakistani Patriot: What happened from 1999-2001 (also Musharraf era but without the US involvement in Afghanistan) and after 2007 during the Musharraf era when the country had to enter IMF program, suffered rapid currency depriciation and a Balance of Payments problem and chronic energy shortages inherited by the democratic gov'ts? Some strange coincidence that this record was not maintained in the great Musharraf era in the period pointed out?
Also, have you checked the WORLD GDP growth numbers in the period you are talking about in the same ADB, IMF etc reports. Makes for very interesting reading regarding the invincible Musharraf era.
ET, please get your act together. The forecast for the "region" was downgraded. Not for Pakistan as the title suggests! As per IMF's own report taken out in March end 2014, they have INCREASED GDP growth forecast for Pakistan for the current fiscal year from 2.8% to 3.1%. Rubbish journalism!
@Pakistani Patriot: 2000-2005 was a period of global GDP growth in large numbers. Pakistan was going along with global trend and not performing significantly better than the region.
We are a poor country and now competing with poor african countries.Even bangladesh is much ahead than us.
Well IMF Pakistan has already tweeted that this is a regional forecast, not a forecast for Pakistan.
The GDP growth during the time of the "traitor" Musharraf was 7% - 9% with growth in all major sectors of education, healthcare, infrastructure development, socio-economic, and so on according the the IMF and ADB. The number of universities almost doubled. Poverty dropped by 12 point. And since 2008? But no worries, our media and judiciary LOVES this so-called democracy, and who cares if the country goes down the tubes, right? Long live Zaradri and Nawaz!
Where are those people who started hailing PML(N) govt. Unemployment is already a major issue and with it expected to rise is the worst news of all. If only our government reduces its own expenses...sigh.
Do you see PM sitting in cabinet meetings, looks at their chairs and offices. Do they deserve such luxury?