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Pakistan slashes provisional GDP growth to 0.29% from 2% for 2022-23

The country posted highest ever inflation at 36.4% in April and its currency has depreciated to a historic low

Photo: Wikipedia

Photo: Wikipedia

Reuters

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Pakistan lowered its GDP growth forecast for the current fiscal year, ending June 30, to 0.29% from 2%, the country's national accounts committee said in a statement, as a slowdown in the agriculture and industrial sectors curbed growth.
 
Gripped by economic turmoil and suffering a balance of payments crisis, Pakistan is trying to reach agreement with the International Monetary Fund (IMF) to disburse the stalled final $1.1 billion from a $6.5 billion bailout agreed in 2019.
 
Pakistan's central bank said on Friday GDP growth was likely to remain significantly lower for financial year 2022-23 than the previous year, when growth was revised up to 5.77%.
 
The country posted highest ever inflation at 36.4% in April and its currency has depreciated to a historic low.
The national accounts committee's latest GDP growth forecast is lower than the World Bank's estimate of 0.4%, while the IMF said in April that the growth would be 0.5%.

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First Published: May 25 2023 | 9:48 AM IST

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