The Asian Development Bank (ADB) on Wednesday declared Pakistan the second most expensive country in South Asia.
Several local media outlets reported that the Asian Development Bank (ADB) had released its outlook for the year 2022, predicting that the inflation rate in Pakistan would remain high in the coming months and that the value of the Pakistani rupee might fall further. The inflation rate in Pakistan is 26.6%.
According to the forecast, energy is likely to become more expensive in Pakistan and the rate of economic growth in South Asia has slowed down due to floods. According to the report, floods in Pakistan and Bangladesh have adversely affected the economy. As a result of the floods, Pakistan has suffered significant economic losses, particularly wheat and livestock damage.
As a result of a lack of clarity, the Asian Development Bank (ADB) did not share the revised real GDP growth and inflation targets for Pakistan. In addition to high inflation, tight monetary policy, and an unconducive global environment, flood damages could slow down economic growth.
Flood disruption and damage are expected to slow real GDP growth in combination with tight monetary policy, high inflation, and an unconducive global environment, according to the Asian Development Bank (ADB) in its regular supplement to the Asian Development Outlook (ADO) 2022.
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