The International Monetary Fund (IMF) has revised down Pakistan’s growth estimate for the fiscal year 2024 to two percent, a 0.5 percent reduction from the October outlook of 2.5 percent, according to the latest World Economic Outlook (WEO) report issued on Tuesday.
This downgrade falls short of the government’s target of 3.5 percent GDP growth for the year, signaling economic challenges. In contrast, the IMF raised its 2024 global growth forecast to 3.1 percent, 0.2 percentage points higher than the October forecast, citing unexpected resilience in major economies.
IMF Chief Economist Pierre-Olivier Gourinchas noted the global economy’s remarkable resilience, but cautioned about the slow pace of expansion and lingering risks. Despite the positive global outlook, the IMF anticipates global growth to remain below the recent historical average of 3.8 percent in 2024.
Among the G7 advanced economies, European countries are expected to face weak growth, while Japan and Canada may fare slightly better. The overall inflation outlook for 2024 remains at 5.8 percent, with significant disparities between richer and poorer countries, highlighting global economic imbalances. The report underscores the need for vigilant economic monitoring and effective policy measures.
