Published: Wed, October 10, 2018
Markets | By Noel Gibbs

International Monetary Fund forecasts 7.1% economic growth for 2019

International Monetary Fund forecasts 7.1% economic growth for 2019

This projected growth the fund further cautioned may not be enough for the attainment of the Sustainable Development Goals, "if the trend remains for a while". The IMF called for reforms in labour and land markets in the country, as well as improving the business climate.

The Pakistan Stock market PSX on Monday recorded a decline of 1,328 or 3.39 percent, the biggest in five months.

"The continued indecision regarding a bailout package from International Monetary Fund had damaged the stock market, eroded rupee and raised concerns about the future of the economy but the decision of the premier would calm the nervous investors", said PEW Chairman Brig (r) Muhammad Aslam Khan.

It also noted that "while financial market conditions remain accommodative in advanced economies, they could tighten rapidly if, for example, trade tensions and policy uncertainty were to intensify (and) monetary policy is another potential trigger".

If an assistance package is agreed on, it would be Pakistan's second International Monetary Fund bailout in five years and its 13th since the late 1980s. A flexible exchange rate 2.

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LCCI former vice president Kashif Anwar said that he was expecting another hike in gas and electricity tariff by reducing energy related subsidies, containing the burgeoning fiscal account as well as circular debt.

"Growth performance varies, however, across countries".

The global organisation said that inflation is expected to pick up in India due to a narrowing output gap, and the effects of exchange rate depreciation and rising fuel prices.

"In the case of a flexible exchange regime the national currency, the Pak rupee, would further depreciate to around PKR140 against the United States dollar from the current PKR127".

Dr. Ikram ul-Haq, an expert on legal and economic matters, said: "The impact will be negative".

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This was the fifth unofficial devaluation of the rupee by Islamabad since December 2017. Not only will investment and growth suffer but exports will become more competitive due to the enhanced cost of imported ingredients.

It kept the 7.3 per cent growth projection for this year made in July.

The IMF sees 3.5% growth in Israel in 2019, 3.3% in 2020 and 3% in 2021-2023. -China relations. The Trump administration has confronted China on its technology policies and territorial claims in the South China Sea, and the countries have raised tariffs on tens of billions of dollars of each other's goods.

Just a few days ago, the BSP, in a move widely anticipated by markets, chose to hike its main policy rates for the fourth consecutive meeting this year in an effort to pull down the stubbornly high prices in the country. "In this situation our problems are increasing".

"Iran and Russian Federation, both faced with USA sanctions, have devised plans to increase trade interaction and ease mercantile regulations", Iran's state-run Tasnim News Agency added. It had previously predicted jobless rates of 5.5% and 5.2% respectively.

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