The International Monetary Fund today projected the country will achieve a GDP growth of 4.4 percent for the fiscal year 2020-21 due to the ongoing economic slowdown stemming from the coronavirus pandemic.
The Washington-based multilateral lender agency came up with the projection at its latest World Economic Outlook, which was published on its website today.
The IMF projection is much lower than the government's estimate of 8.2 percent.
The agency usually forecasts the country's GDP growth based on a calendar year, but it calculated the growth using the fiscal year for the first time.
The country's GDP growth may stand at 7.3 percent in fiscal the 2024-25, it said.
In April, the IMF projected the country would gain a GDP growth of 2 percent for this calendar year and 9.5 percent for the next year.
This means the economic recovery will not be as IMF's April projection.
Although that estimate was based on the calendar year, the IMF had indicated that the economy would strongly rebound next year.
But, the IMF has backtracked from its stance at its latest outlook due to the prolonged coronavirus pandemic.