Pakistan's economy to grow by 4.5 percent in 2016

Pakistan's economy is expected to grow by 4.5 percent in 2016 and 4.7 percent in 2017, the International Monetary Fund has said.

The IMF's latest World Economic Outlook said growth in the Middle East, North Africa, Afghanistan and Pakistan region has weakened considerably because of further declines in oil prices and intensifying conflicts and security risks.

The report said uncertainty has increased, and risks of weaker growth scenarios are becoming more tangible.

The process of monetary policy normalisation in the US, the world's largest economy, is assumed to proceed smoothly, without sharp movements in long-term interest rates, the IMF report said.