Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

IMF Forecasts Positive Growth for Indonesia and Pakistan in 2023

EditorVenkatesh Jartarkar
Published 10/12/2023, 10:57 AM
Updated 10/12/2023, 10:57 AM

In its World Economic Outlook released on Tuesday, the International Monetary Fund (IMF) maintained a steady growth forecast for Indonesia and Pakistan in 2023. The IMF's projections underscore the economic resilience of these nations amidst a challenging global economic landscape.

Indonesia's growth forecast for 2023 remains robust at 5 percent, matching that of China, according to the IMF report. This prediction puts Indonesia alongside India as the only emerging Asian economies not facing downgraded forecasts. The IMF report, which offers comprehensive insights into global economic trends, is available through a subscription model.

Meanwhile, the IMF projects that Pakistan's economy will grow by 2.5 percent this year and 5 percent in 2023. These estimates surpass those from the World Bank and Asian Development Bank (ADB), despite a 0.5 percent economic contraction last year. The prediction ties in with the ongoing $3 billion nine-month bailout program between the IMF and Pakistan. As part of this larger financing arrangement, a disbursement of $1.2 billion was made in July.

However, the IMF also estimated an inflation rate of 23.5 percent for this fiscal year for Pakistan, increasing to 29.2 percent in fiscal 2023 but potentially dropping as low as 17.5 percent by year-end. The unemployment rate is expected to rise from 8 percent this year to 8.5 percent in fiscal 2023, higher than the World Bank's forecast.

An IMF delegation is scheduled to review Pakistan's economic performance later in October. This review will assess the effectiveness of the bailout program and provide insights into potential future economic strategies.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.