Home Press Release IMF expects the inflation rate to be higher in 2023

IMF expects the inflation rate to be higher in 2023

The current account balance is predicted to be negative 2.5 percent in 2023

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The International Monetary Fund (IMF) predicted that inflation will be 19.9% in 2023 compared to 12.1% in 2022.

However, compared to 21.3 percent in 2022, the report’s projection for consumer prices at the conclusion of the forecast period in 2023 is 15%.

The fund forecasted Pakistan’s GDP growth rate at 3.5% in 2023 compared to 6% in 2022. However, this does not account for the effects of the most recent floods.

The Fund also predicted that Pakistan’s unemployment rate will rise from 6.2 percent in 2022 to 6.4 percent in 2023.

The forecasts for Pakistan for 2022, according to the IMF World Economic Outlook (WEO) report “World Economic Outlook Countering the Cost-of-Living Crisis,” are based on data as of the end of August. And do not take the effects of the recent floods into account.

In comparison to negative 4.6 percent in 2022. The current account balance is predicted to be negative 2.5 percent in 2023.

Furthermore,

The UK’s economy is predicted to expand by 0.3% next year, coming to a virtual stop.
That represents a considerable decrease from the 3.6% rate of growth for the UK economy anticipated in 2022 and a 0.2% decline from the IMF’s July prediction.

According to its most recent report on the forecast for the global economy, inflation. Which measures how the cost of living changes over time, is predicted to peak in the UK at roughly 11.3% before the end of the year.

The renowned banking institution’s assessment uses the most recent data. Although it does not completely account for the chancellor’s most recent mini-budget.

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