Fitch Solutions further downgrade Pakistan economic growth

Fitch Solutions further downgrade Pakistan economic growth

ISLAMABAD - Fitch Solutions has further downgraded Pakistan economic growth for the Fiscal Year 2019.

Fitch Solutions, a US-based global research house, has revised down Pakistan’s economic growth to 2.7pc for the next fiscal year 2019-20 from a previously quoted estimate of 4pc, a private media house reported link on Thursday.

Fitch Solutions, an arm of Fitch Rating Agency, expects that Pakistan will adopt a tight monetary and fiscal policy stance based on a condition that the country is entering into an International Monetary Fund (IMF) programme.

Consequently, this would curtail the economic growth, determined Fitch, thus leading the state to revise the GDP targets for the fiscal years 2018-19 and 2019-20 to 3.2pc and 2.7pc, respectively.

That being said, experts believe that investment into the China-Pakistan Economic Corridor (CPEC) will continue to provide some support to the economy.