The World Bank has said Pakistan’s economy is slowing as it faces yet another macroeconoic crisis due to high deficits and low foreign reserves.

According to the report, the country’s financial development will remain 2.4 per cent during the fiscal year 2021, which was 3.3 per cent during the fiscal year 2019.

The report states that enhanced monitering policy of the country will negatively impact the country’s financial position, adding that financial developments are strongly linked political and price of crude oil stability in the market.

The inflation rate will remain 13 per cent during 2020 weheras inflation rate will remain 8.3 percent during 2021. The current account deficit will also remain 2.2 per cent of the GDP during the fiscal year 2021.

The report adds Pakistan’s import will decrease and exports will increase due to increase in dollar price. The financal deficit will reduce to 7.5 per cent of the GDP during fiscal year 2020. The report hopes that the trust deficit will further reduce to 6.2 per cent during the fiscal year 2021.