Pakistan
The International Monetary Fund (IMF) has revised the economic outlook of Pakistan, which is facing cash crisis, and reduced its economic growth rate estimate to three percent in the year 2025. This information was given in a media report on Saturday. According to the report of the newspaper ‘Express Tribune’, this adjustment has been made amid the comprehensive global economic assessment presented in the IMF’s report titled ‘World Economic Outlook Update: Global Growth – Variable and Uncertain’. IMF’s revised projections also indicate that Pakistan’s gross domestic product (GDP) growth rate will be four percent in the year 2026. However, the decline in growth rate projections for the year 2025 reflects the ongoing economic challenges in the country. However, the IMF did not give specific reasons for the revision. Let us tell you that Pakistan’s economy is going through a very bad phase. Pakistan has taken huge loans from many countries including IMF and World Bank to meet its expenses. But the situation is not improving much. Unemployment is increasing in Pakistan. The public is troubled by skyrocketing inflation.
Pakistani economy in bad times
In its estimate three months ago, the Monetary Fund had said that Pakistan’s growth rate would be 3.2 percent. This latest revision mirrors a forecast made by the Asian Development Bank (ADB) last month. ADB also adjusted Pakistan’s growth forecast for the current fiscal year (2024-25) to three percent, from the earlier estimated 2.8 percent. Both institutions cited challenges facing Pakistan’s economy, but maintained a cautiously optimistic outlook for the medium term, the report said. Globally, the IMF projects a global growth rate of 3.3 percent for both 2025 and 2026, slightly below the historical average of 3.7 percent.
1.5 lakh jobs were destroyed
Recently, the Pakistan government had announced the elimination of 1.5 lakh jobs to cut costs. While giving information, Pakistan Finance Minister Muhammad Aurangzeb had said that we are reducing the size of the federal government in a phased manner. So far 80 departments have been consolidated into 40. He had said that the government intends to complete these reforms by June 2025. He said that 60 percent of the vacant posts were eliminated, which is equivalent to about 1.5 lakh government jobs.
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