ISLAMABAD: Pakistan was named the second-most expensive South Asian nation by the Asian Development Bank (ADB) on Wednesday.
In its outlook for 2022, the Asian Development Bank (ADB) predicts that Pakistan’s inflation rate will remain high and that the value of the Pakistani rupee may fall further. Local media reported that Pakistan’s inflation rate is 26.6%.
The forecast predicts that Pakistan’s energy costs will likely rise and that floods have slowed the rate of economic growth in South Asia. It also says that economic growth has been affected by floods in Bangladesh and Pakistan. In addition, the floods have severely damaged Pakistan’s agriculture, particularly that of wheat and livestock, according to the report.
#ADBNews: Monetary policy tightening by central banks, the Russian invasion of Ukraine, and recurring lockdowns in the PRC are slowing down economic recovery in Developing Asia and the Pacific.
— Asian Development Bank (@ADB_HQ) December 14, 2022
Find out more in ADB’s #ADO2022 supplement: https://t.co/u9eCooQH4s pic.twitter.com/UNz3tNqzwh
The Asian Development Bank (ADB) stated that flood damages could slow down economic growth in conjunction with high inflation, tight monetary policy, and an unfavorable global environment without sharing the revised real GDP growth and inflation target for Pakistan.
In a regular supplement to the Asian Development Outlook (ADO) 2022 that was published on Wednesday, the ADB stated that “flood disruption and damage are expected to slow down real GDP growth in combination with a tight monetary policy, high inflation, and an unconducive global environment.” This statement was made.
Source: The News
