Pakistan was named the second greatest expensive country in South Asia by the Asian Development Bank (ADB) on Wednesday.
The Asian Development Bank (ADB) has announced its prediction for the year 2022, anticipating that the inflation in Pakistan would stay high in the next months and the worth of the Pakistani rupee may decrease further. According to local media, Pakistan’s inflation rate is 26.6%.
According to the research, the floods have caused enormous economic damage in Pakistan, particularly to agriculture, particularly wheat and animals.
Following the projection, electricity is anticipated to become more costly in Pakistan, and the pace of growth rate in South Asia has dropped owing to floods, with floods affecting economic growth in Pakistan and Bangladesh.
Without revealing the updated real GDP growth and inflation goal for Pakistan because of a lack of transparency, the Asian Development Bank (ADB) indicated that flood devastation would slow down economic development in combination with high inflation, tight monetary policy, and an unsupportive natural world.
“Flood disruption and damage are expected to slow real GDP growth in combination with tight monetary policy, high inflation, and an unfavorable global environment,” the Asian Development Bank (ADB) declared in a regular supplement to the Asian Development Outlook (ADO) 2022, which was released on Wednesday.
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