Moody investors service reduces forecast for Pakistan GDP growth
ISLAMABAD: Moody’s Investors Service has predicted Pakistan GDP growth at reduced rate of 2.5 percent in the aftermath of coronovirus for the current fiscal year.
According to report New York based rating agency had set Pakistan GDP growth rate at 2.9 percent in December 2019 and on the other hand State Bank of Pakistan (SBP) had estimated GDP growth rate at 3 percent. Earlier GDP growth rate was said to be 3.5 percent.
MOODY’S while citing to coronavirus impact has said in its latest Regional Credit Outlook Update threats are receding for APAC which include ailing European and US economies.
MOODY’s predicted Chinese GDP growth rate has been set 4.8 percent which was earlier said to be 5 percent. This has occurred due to slow down in economic activities and dip in demand of exports. A reviewed prediction has been made for APAC region in the wake of Coronavirus impacts, travelling restrictions, isolation steps and recent dip in the prices of petroleum products.
Moody’S vice president Christian De Guzman said our basic landscape tells us drop in level of consumption and persistent bottlenecks in production and supply during the first half of 2020. There will be revival in the second half of the year. This is indicating negative supply and demand in short period. If irritants prolong then a threat for global crisis is there.