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IMF cuts Pakistan's GDP growth projection to 2 percent for 2023

11:21 AM | 1 Feb, 2023
IMF cuts Pakistan's GDP growth projection to 2 percent for 2023
Source: Representational Photo

ISLAMABAD – The International Monetary Fund has forecast Pakistan’s economic growth to lessen further to 2 percent during the current year, down to the previous estimate of 3.5 percent, in wake of the massive floods and slowdown in global growth rate.

According to the World Economic Outlook (WEO) report issued by the global lender, the GDP growth rate of the cash-strapped country would rebound in the next FY above 4 percent.

IMF project report comes as the fund’s mission is in Pakistan for talks about the revival of stalled loan programme.

The report forecasts a dip in global growth from an estimated 3.4pc in 2022 to 2.9pc in 2023, suggesting it will rise to 3.1pc in 2024. It mentioned the rapid spread of Covid in China which affected growth across the globe and further mentioned global inflation to fall from 8.8pc in 2022 to 6.6pc in 2023 and 4.3pc in 2024.

Last month, World Bank also downgraded the outlook for Pakistan’s economic growth by half for the current fiscal year in wake of the dilapidating economy.

WB's latest forecast suggests the real Gross Domestic Product (GDP) of cash strapped country is likely to grow at 2.0 percent in FY23 as global growth is also expected to slow amid soaring inflation, rising interest rates, and the Russia-Ukraine war.

Daily Pakistan Global Web Desk

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 2 March 2024

Pakistani rupee remains largely stable against USD and other currencies in the open market on March 2, 2024 (Saturday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.

Euro currently stands at 302.5 for buying and 305.5 for selling while British Pound rate stands at 354 for buying, and 359 for selling.

UAE Dirham AED hovers at 76.3 whereas the Saudi Riyal saw slight increase, with new rates at 74.5.

Today’s currency exchange rates in Pakistan – March 2, 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.4 282.3
Euro EUR 302.5 305.5
UK Pound Sterling GBP 354 359
U.A.E Dirham AED 76.3 77
Saudi Riyal SAR 74.5 75.3
Australian Dollar AUD 181 183
Bahrain Dinar BHD 737.97 745.97
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.23 40.63
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 901.62 910.62
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 168.97 170.97
Norwegians Krone NOK 26.54 26.84
Omani Riyal OMR 725.68 733.68
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 27.13 27.43
Swedish Korona SEK 314.07 316.57
Swiss Franc CHF 314.07 316.57
Thai Bhat THB 7.74 7.89

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