Pakistan GDP is always fighting an uphill battle. The changing circumstances, the unstable economy, or a change in political powers, and many other factors - always hurt GDP in the short and long run.
The IMF has shown a clear sign in their recent publication, that Pakistan’s GDP is improving. In their flagship publication Fiscal Monitor that was released this Wednesday.
So, the IMF estimated a few figures in the coming year for Pakistan. For the current year, the overall fiscal deficit at 6.2 percent of GDP, primary deficit at 0.4 percent of GDP, and lastly the debt level at about 81 percent of GDP.
These numbers are not good, inversely these numbers show how bad we are performing in the industry. However, as compared to the previous year, Pakistan’s economy has improved.
According to the IMF, the overall fiscal deficit was recorded at 7.1 percent of GDP, which is 0.9 percent more than the current year. The primary deficit is at 1.4 percent of GDP, which is over 1% of the current year. Lastly, the general government debt was 83.4 percent for 2020, which is 3.4 percent greater than the current 2021-2022 fiscal year.
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The Fund estimated for the next fiscal year 2023 is estimated at 4.2 percent of GDP. However, this April 2021, IMF made an estimate for a 5.5 percent fiscal deficit for the year 2022 and 3.9 percent for the year FY2023.
The good news for the next few years is also projected by the IMF. The fiscal deficit has been estimated to go down by 3.2 percent of GDP by 2026. Instead of 2.9 percent of GDP, the IMF had projected earlier.
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