Pakistan is on track to record a historical deficit of $20 billion

ISLAMABAD: According to the latest predictions, Pakistan is on the verge of a historic $20 billion current account deficit, which raced to the ground in the aftermath of soaring international prices.

January 2022 marked the first time since 2008 that the Current Account Deficit reached a record high of $2.6 billion.

Because of the $19 billion current account deficit in 2017-18, PTI had constantly alleged that Pakistan's economy had been wrecked when it assumed power following the last general elections.

According to Dr. Hafeez A Pasha, an economist, the current account deficit is on track to hit $20 billion or 6 percent of GDP for the current fiscal year, which is a new high for Pakistan's current account deficit. His prediction was that if international prices continue to soar, the current account deficit will be put under even greater pressure, maybe reaching an all-time high. After already reaching $11.6 billion in the first seven months of the current year's budget, he predicted that the current account deficit might reach $20 billion, up from $19 billion in 2017-2018's.