-SAPM on Political Communication Dr. Shahbaz Gill says IMF report a slap on face of corrupt opposition, fake economic analysts
DM Monitoring
ISLAMABAD: The International Monetary Fund (IMF) has revised up its projection for Pakistan’s real Gross Domestic Product (GDP) growth rate to 3.9%.
In its World Economic Outlook report 2021 (update), the IMF said, “Projections are revised up for the Middle East and Central Asia due to robust activity in some countries (such as Pakistan)”.
Earlier in April this year, the IMF had projected Pakistan’s real GDP to grow at 1.5% in the year 2021 despite a higher projected rate of 3.0% by the State Bank of Pakistan (SBP). Pakistan’s government had already released the provisional data of GDP growth rate (3.9%) for the year 2020-21 backed by robust industrial growth and higher than expected agriculture output.
The SBP on Tuesday forecast the GDP growth to rise from 3.9% in FY21 to 4-5% this year, and average inflation to moderate to 7-9% from its recent higher out-turns. Reacting to the development, Special Assistant to the Prime Minister on Political Communication, Dr Shahbaz Gill on Wednesday termed the recent IMF report as a slap on the face of corrupt opposition and fake economic analysts.
The International Monetary Fund (IMF) has amended Pakistan’s GDP growth projection for 2021 and validated the government’s GDP projection, he said adding, earlier in April 2021, the IMF had estimated 1.5%.
The report revealed that the GDP estimates had been revised due to strong economic activity in Pakistan, Shahbaz Gill tweeted.
Recognition of Pakistan’s projection by IMF was proof of the recovery of the economy and that the government was right, he said and added, the lies of all those elements who were spreading negative propaganda for personal gains had been exposed.
Meanwhile, the IMF in its statement said economic prospects have diverged further across countries since the April 2021 World Economic Outlook (WEO) forecast.
Vaccine access has emerged as the principal fault line along which the global recovery splits into two blocs: those that can look forward to further normalization of activity later this year (almost all advanced economies) and those that will still face resurgent infections and rising Covid death tolls, it added.
The recovery, however, is not assured even in countries where infections are currently very low so long as the virus circulates elsewhere. The global economy is projected to grow 6.0 percent in 2021 and 4.9 percent in 2022.The 2021 global forecast is unchanged from the April 2021 WEO, but with offsetting revisions.
Prospects for emerging market and developing economies have been marked down for 2021, especially for Emerging Asia. By contrast, the forecast for advanced economies is revised up. These revisions reflect pandemic developments and changes in policy support.
