World Bank Predicts Negative Growth for Pakistan in 2020 

The World Bank (WB) stated in a recent report that the Gross Domestic Product (GDP) of Pakistan will contract by 1.3% in financial year 2020 (FY2020), due to sluggish domestic and global economic conditions. The report noted that Pakistan made considerable progress toward macroeconomic stabilisation during the first eight months of FY 2020.

The WB added that inflation was expected to average 11.8% in FY 2020 and to gradually fall moving forward. The current account deficit is forecasted to shrink to 1.9% in FY 2020, as imports contract more than exports, while export growth is expected to remain negative in FY 2021 but to rebound thereafter and reach 6.7% in FY 2022. Similarly, imports are also expected to recover in 202...