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Um Muhannad

Pakistan’s Stagnant Economy Needs the Islamic Economic System to End Repetitive Crises

The World Bank has said that Pakistan’s economy is slowing down, as it faces yet another macroeconomic crisis due to high deficits and low foreign reserves. In the latest edition of its report titled “South Asia Focus: Making (De)centralisation Work”, that was released on 13th October 2019, the Bank noted that with an IMF extended fund facility-supported stabilisation programme in place, the country’s economic growth was expected to remain low in the near term. The report said growth was projected to decelerate to 2.4 per cent in the fiscal year 2020, and 3 pc in fiscal year 2021.

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