Pressure on the lira saw inflation rates soar to almost 25 percent in September, marking the highest levels since President Erdogan came to power 15 years ago.
Pakistan's previous government had set a growth rate target of 6.2 percent for the current fiscal year but worldwide and local institutions predict that the country will not be able to achieve this.
It was now predicting 3.7 percent global growth in both 2018 and 2019, down from its July forecast of 3.9 percent growth for both years.
After consulting with "leading economists", Pakistan will formally approach the International Monetary Fund for support and Finance Minister Asad Umar will hold talks with officials during the lender's annual meetings in Bali this week, the Finance Ministry said in a statement late Monday.
The UK economy is expected to grow by 1.4% this year - down from April's prediction of 1.6% - while predicted growth for 2019 remains at 1.5%, a slowdown from 1.7% in 2017.
Islamabad has cut the size of the biggest Chinese "Silk Road" project in Pakistan, a reconstruction of the main rail line between the port city of Karachi and Peshawar in the northwest by $2 billion, citing government concerns about the country's debt levels.
The IMF now expects South Africa's economy to expand 0.8 percent, down from a forecast of 1.5 percent in July.
U.S. growth this year remained steady at 2.9 percent but is set to slow in 2019 as the effect of Trump's sweeping tax cuts wear off and the trade dispute with China begins to set in.
Bellingcat Names Second Skripal Poisoning Suspect As Russian GRU Agent
Bellingcat said it gathered its information from open sources and " testimony from people familiar with the person ". The website had earlier identified Ruslan Boshirov, the first suspect, as the GRU's Anatoliy Chepiga .
When the US dollar strengthened earlier this year, investors feared emerging market economies could be in trouble.
The country's stock market's losing streak is due to the lack of clarity from the government's indecision, but economists fear a worse economic scenario if the country avails itself of the International Monetary Fund program.
Growth forecasts for emerging markets were given a more severe haircut by the Washington-based lender.
Analysts said the devaluation and interest rate hike were a must to pull down aggregate demand to overcome the balance of payments challenge and cool down the overheated economy.
Russian Federation was among the few energy-rich emerging market countries whose growth forecasts were bumped up.
The dominant United States economy has been shielded from the ill effects so far due to the stimulus provided through tax cuts and spending policies, but that will wear off by 2020.
Trade tensions are expected to continue although Fund officials view US-Mexico-Canada trade agreement as a positive sign. Bond markets were closed, leading USA indexes to a mixed finish after a day of light trading.
The exercise assumes that US President Donald Trump imposes tariffs on the remaining $267 billion worth of Chinese goods imports not already under punitive tariffs and China retaliates in kind.