UN Predicts 2% Growth for Pakistan’s Economy in 2024

Summary:
The UN forecasts Pakistan’s GDP to grow by 2% in 2024, supported by an IMF program. Economic challenges include high interest rates, currency depreciation, and external imbalances. Geopolitical tensions and climate risks further threaten stability. Global growth is projected at 2.7%, with inflation easing. Debt concerns persist, and countries rich in critical minerals need smart policies to maximize benefits.

Key Points:
2% GDP Growth: Pakistan’s economy is expected to grow modestly in 2024.
IMF Support: A $3B IMF program aims to stabilize the economy.
High Interest Rate: Pakistan’s policy rate remains at 22%.
Currency Pressure: South Asian currencies faced depreciation in 2023.
Food Insecurity: Pakistan saw a rise in acute food insecurity.
Geopolitical Risks: Global conflicts may cause oil price spikes.
Climate Challenges: Heavy rainfall affected Pakistan in 2023.
Global Growth: The world economy is set to grow by 2.7% in 2024.
Debt Issues: High debt burdens threaten developing nations.
Mineral Policies: Resource-rich nations need smart policies to avoid pitfalls.

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https://tribune.com.pk/story/2467063/un-projects-pakistans-economy-to-grow-by-2-in-2024