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Islamabad, 15 December 2022 (GNP): According to the ADB, Pakistan will face hardship due to flooding and infrastructure damage. Floods brought up much destruction in every field of life political, social, economic, health, and agricultural.
The Pakistani economic forecast is slow to a 3.4% GDP growth rate in 2023, while the fiscal year of 2022 GDP growth rate was 6.0%. It is the slowest phase of the economy of Pakistan.
In addition to it, the Inflation rate is also higher than the average price of the past. The inflation figure was 12.2% in 2022. Now, it is 21.3% which is cleared alarming situation for Pakistan.
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The ADB announced that the bank would support Pakistan’s social, economic, and infrastructure development. ADB would take immediate and long-term actions to avert its situation.
Lastly, political stability is a must. Otherwise, it will be difficult to handle this situation. Political stability is the stability of Pakistan.
South Asia’s prospects for growth and inflation
The ADB estimates that South Asia would expand at a rate of 6.5 percent in 2022, but that estimate has been revised downward to 6.3 percent for 2023.
As Bangladesh’s recovery was also “hampered by external imbalances and unexpectedly high inflation,” it was further said that the sub-regional revision for 2023 mostly reflected “lower expectations for Bangladesh and Pakistan.”
For South Asia, which includes Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka, it was predicted that inflation would rise from 8.1 percent in September to 8.2 percent in the most current December estimate.
