The report projects that real Gross Domestic Product (GDP) growth will reach 1.7% in FY24 and 2.4% in FY25 based on the assumption that the government implements its International Monetary Fund (IMF) program, secures new external financing, and continues to tighten fiscal policy.
Pakistan's economy is expected to rebound in the coming fiscal year but significant challenges remain, according to a new report by the World Bank.
The report projects that real Gross Domestic Product growth will reach 1.7% in FY24 and 2.4% in FY25. It is based on the assumption that the government implements its International Monetary Fund program, secures new external financing, and continues to tighten fiscal policy. However, the report warns that growth is likely to remain below potential over the medium term and that the economy will remain vulnerable to domestic and external shocks. Inflation is at record highs in Pakistan, and is expected to remain elevated in the near term.The current account deficit is expected to widen in the near term due to limited easing of import restrictions and higher domestic energy prices.
The report also calls for boosting private sector investment and seizing opportunities created by the global energy transition.
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