According to the International Monetary Fund (IMF), Pakistan’s economy is expected to slow down even further this year, from a previous estimate of 3.5 percent growth to just 2 percent. This is due to the recent massive floods and the slowdown of the global economy. The IMF released a report, called the World Economic Outlook, which says that the country’s GDP growth rate will recover in the next fiscal year and reach above 4 percent.
The release of this report comes at a time when the IMF mission is in Pakistan for talks about reviving a stalled loan program. The report also mentions a dip in global growth, from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, but it’s expected to rise to 3.1 percent in 2024. The rapid spread of Covid-19 in China has had an impact on global growth, and the report says that global inflation will decrease from 8.8 percent in 2022 to 6.6 percent in 2023 and 4.3 percent in 2024.
Just last month, the World Bank also downgraded its outlook for Pakistan’s economic growth for the current fiscal year due to the country’s struggling economy.
Pakistan GDP Report From 2018 – 2023
GDP Annual Growth Rate in Pakistan is expected to reach 2.80 percent by the end of 2022, according to Trading Economics global macro models and analysts’ expectations.
| Pakistan GDP – Historical Data | |||
|---|---|---|---|
| Year | GDP | Per Capita | Growth |
| 2022 | |||
| 2021 | $348.26B | $1,505 | 6.49% |
| 2020 | $300.43B | $1,322 | -1.27% |
| 2019 | $320.91B | $1,437 | 2.50% |
| 2018 | $356.13B | $1,621 | 6.15% |