Pakistan economy faces a serious setback from the COVID - 19 pandemic

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Pakistan economy faces a serious setback from the COVID - 19 pandemic

ISLAMABAD: *Pakistan economy faces a serious setback from the COVID - 19 pandemic *Keeping in view the estimated impact of Covid-19.

International Monetary Fund (IMF) on Wednesday lowered Pakistan growth forecast for FY21 by half, at 1pc. The IMF had earlier estimated Pakistan’s GDP at 1.5pc for the ongoing fiscal year (FY20) and 2pc for FY21.

On Wednesday, the fund revised its forecast for the current fiscal to -0.4pc.

As per the IMF, global growth was now projected at –4.9pc in 2020, 1.9 percentage points below its April 2020 World Economic Outlook forecast. Consumption growth, in particular, has been downgraded for most economies, reflecting the larger-than-anticipated disruption to domestic activity.