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, alongside the approval of a $700 million installment for Pakistan, the IMF released the country’s economic indicators in a table format.
As per the IMF, inflation in Pakistan is anticipated to decrease, settling at 18% by the end of 2024. The average inflation rate for the year is projected to be 24%, with a December 2023 rate of less than 29.4%. In 2023, the average inflation rate stood at 29.2%, while it was 12.1% in 2022.
Furthermore, the IMF predicts a decrease in unemployment this year, reducing from 8.5% in 2023 to 8%. The unemployment rate was 6.2% in 2022.
The IMF has also estimated a reduction in the budget deficit this year, along with a decrease in external debt and an increase in foreign exchange reserves.
According to the IMF, the per capita income in Pakistan was US $1,456 in 2023. The poverty rate is reported at 21.9%, and Pakistan’s exports amount to $19.3 billion, based on 2022 data.
