IMF predicts fall in Pakistan inflation

Washington: The International Monetary Fund (IMF) has announced a decline in inflation this year and high number of job opportunities in Pakistan.

On January 11, with the approval of $700 million installment for Pakistan, it also released Pakistan's economic indicators in the form of a table.

According to the IMF, inflation in Pakistan will decrease to settle at 18% by the end of 2024. The average inflation rate will be 24% throughout the year, with a December 2023 rate less than 29.4%.

In the year 2023, the average inflation rate was 29.2 percent, while the average inflation rate was 12.1 percent in 2022.

It has also been announced that unemployment will also decrease this year which was 8.5 percent in 2023 and will be reduced to 8%. The rate was 6.2% in 2022.

Similarly, the IMF has estimated that the budget deficit will decrease this year while external debt will decrease and foreign exchange reserves will increase.

According to the IMF, per capita income in Pakistan was US $1,456 in 2023. The poverty rate is 21.9%, while Pakistan's exports are $19.3 billion, according to 2022 data.