Connect with us

Hi, what are you looking for?

Online Business Success

World Bank forecasts 3.4% growth for Pakistan in FY22

393021 102342 updates


— Reuters/File
— Reuters/File
  • Growth in Pakistan surprised on the upside, World Bank notes.
  • Bank forecasts Pakistan’s growth rate to clock in at 4% next year.
  • Global growth is expected to decelerate markedly to 4.1% in 2022.

The World Bank has kept Pakistan’s economic growth forecast for the fiscal year 2021-22 unchanged at 3.4%.

The Washington-based lender on Tuesday released its Global Economic Prospects report 2022, which projected that both the advanced and developing economies would further slow down after showing recoveries last year.

“Growth in Pakistan surprised on the upside, supported by improving domestic demand, record-high remittance inflows, and a narrow targeting of lockdowns,” the World Bank noted.

It further stated that in Pakistan, high inflation led to the removal of monetary accommodation.

The bank said that growth prospects have improved since June 2021, largely because of better prospects in Pakistan.

“Pakistan will benefit from structural reforms boosting export competitiveness and enhancing the financial viability of the power sector,” the global lender noted.

The bank said that following a strong rebound in 2021, the global economy is entering a pronounced slowdown amid fresh threats from COVID-19 variants and a rise in inflation, debt and income inequality that could endanger the recovery in emerging and developing economies.

The World Bank forecasts Pakistan’s growth rate to clock in at 4% next year.

Advertisement. Scroll to continue reading.
— World Bank Global Economic Prospects report 2022
— World Bank Global Economic Prospects report 2022

Meanwhile, global growth is expected to decelerate markedly from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023 as “pent-up demand dissipates and as fiscal and monetary support is unwound across the world.”

The bank further noted that the rapid spread of the Omicron variant indicates that the pandemic will likely continue to disrupt economic activity in the near term.



Source link

Click to comment

Leave a Reply

Latest

Top Stories

UNI needs to break above a key technical resistance level to trigger its 100% bull run scenario. Otherwise, a bear flag awaits a 45%...

Technology

We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 – 28. Join AI and data leaders for insightful...

Top Stories

The provision in the U.S. infrastructure bill signed into law in November, which will require financial institutions and crypto brokers to report additional information,...

Social Media

As it looks to add more ways to help creators to build their presence, and monetize their work in the app, Facebook is launching...

Technology

In context: Tensor cores have been one of the main advantages of Nvidia’s RTX graphics cards, enabling machine learning-based image upscaling, which significantly improves...

Online Business Success

Small Town Cultures pickles. Small Town Cultures Small Town Cultures A family-based fermentation company located in upstate New York, bring simple, clean fermented foods...

Advertisement

You May Also Like

Uncategorized

Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...

Advertisement