The Asian Development Bank (ADB) says that inflation in Pakistan this fiscal year has more than doubled to 27.5 percent and economic growth will be 2 percent after a 0.6 percent decline in growth.
Asian Development Bank released its annual outlook report.
According to the Asian Development Bank report, Pakistan’s economy will remain sluggish till the end of this financial year.
The report said that economic growth will remain low due to floods.
According to the development report, the production of Pakistan was affected due to the flood, which is the reason for the rise in inflation.
Due to floods, the country is facing a current account deficit and a decrease in foreign exchange reserves.
After a 0.6 percent decline in Pakistan’s growth this fiscal year, the economic growth rate of the country will be up to 2 percent. Pakistan’s fiscal deficit is reaching 6.9 percent.
According to the report, Pakistan is included in the top 10 countries affected by climate change in 20 years.
Pakistan’s inflation rate was 12.2 percent last year, which will more than double to 27.5 percent this year.
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