Search

A third of the world will be in recession this year, IMF warns

09:00 PM | 3 Jan, 2023
A third of the world will be in recession this year, IMF warns
Source: @kristalina.georgieva (instagram)

NEW YORK – The International Monetary Fund (IMF) warned that one third of the world economy of face recession this year, adding even countries that are not in recession would also feel the effects.

Georgieva said in an interview on CBS' Face the Nation said, “We expect one third of the world economy to be in recession. And yes, as you said, even countries that are not in recession, it would feel like recession for hundreds of millions of people”.

She said this year would also be tough for world's largest economies such as the United States, China and the European Union.

Another spike in Covid cases in China will serve blows to the world economy, Georgieva said of one of the largest exporters of cheap goods.

"For the next couple of months, it would be tough for China, and the impact on Chinese growth would be negative, the impact on the region will be negative, the impact on global growth will be negative," she said.

"For the first time in 40 years, China's growth is likely to be at or below global growth."

“When we look back over the last three decades, the world economy tripled because of this reliance on an integrated world economy,” she said, adding: “We were too focused on costs, how can we make products cheaper. And COVID and then the senseless war Russia started against Ukraine has shown that this is not enough. We cannot just concentrate on what is cheaper”.

"That means diversifying the sources of products that make the economy function well, lifting up the level of costs," she said.

Advertisement

Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on March 31, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 31, 2023 (Friday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.8 286.6
Euro EUR 306 309
UK Pound Sterling GBP 347.5 351
U.A.E Dirham AED 77.2 79.9
Saudi Riyal SAR 75.6 76.4
Australian Dollar AUD 187.5 189.9
Bahrain Dinar BHD 753.99 761.99
Canadian Dollar CAD 206.5 208.7
China Yuan CNY 41.25 41.65
Danish Krone DKK 41.26 41.51
Hong Kong Dollar HKD 36.11 36.46
Indian Rupee INR 3.45 3.56
Japanese Yen JPY 2.15 2.22
Kuwaiti Dinar KWD 925.67 934.67
Malaysian Ringgit MYR 62.85 63.45
New Zealand Dollar NZD 175.57 177.58
Norwegians Krone NOK 26.33 26.63
Omani Riyal OMR 736.34 744.35
Qatari Riyal ‎QAR 77.92 78.62
Singapore Dollar SGD 209.5 211.5
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 308.25 310.75
Thai Bhat THB 8.28 8.43

Today's gold rates in Pakistan – 31 March 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 208,200 on Friday. The price of 10 grams of 24k gold was recorded at Rs178,500.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,849.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 208,200 PKR 2,470
Karachi PKR 208,200 PKR 2,470
Islamabad PKR 208,200 PKR 2,470
Peshawar PKR 208,200 PKR 2,470
Quetta PKR 208,200 PKR 2,470
Sialkot PKR 208,200 PKR 2,470
Attock PKR 208,200 PKR 2,470
Gujranwala PKR 208,200 PKR 2,470
Jehlum PKR 208,200 PKR 2,470
Multan PKR 208,200 PKR 2,470
Bahawalpur PKR 208,200 PKR 2,470
Gujrat PKR 208,200 PKR 2,470
Nawabshah PKR 208,200 PKR 2,470
Chakwal PKR 208,200 PKR 2,470
Hyderabad PKR 208,200 PKR 2,470
Nowshehra PKR 208,200 PKR 2,470
Sargodha PKR 208,200 PKR 2,470
Faisalabad PKR 208,200 PKR 2,470

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter