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IMF says Pakistan’s economy to improve by 2023

Debt, spending and deficits to decline, says report

SAMAA | - Posted: Oct 15, 2020 | Last Updated: 7 months ago
SAMAA |
Posted: Oct 15, 2020 | Last Updated: 7 months ago
IMF says Pakistan’s economy to improve by 2023

Photo: AFP

Pakistan’s economic indicators may improve by the time PTI completes its term in 2023, according to an International Monetary Fund (IMF) report.

 The report says Pakistan’s debt, spending and deficits will decline by 2023.

Government revenue is projected to improve from 15.1% to 17.7%. The debt-to-GDP ratio will fall from 87.2% to 78.3%. 

The budget deficit will be halved to 4% from the current 8%. In three years, government spending will also fall from 22.8% to 21.7%.

The IMF also predicts a primary balance surplus by 2022-23. The current fiscal year growth rate is 1%. It is expected to increase by 2% next year. It may further improve in 2023.

 However, recently in its report, IMF predicted that the unemployment rate in Pakistan will rise to 5.1% in the ongoing fiscal year.   

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