Inflation expected to remain at a high level of 25% this fiscal year in Pakistan, report
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Asian Development Bank’s annual Asian Development Outlook Report 2024 has been released.
According to the report, Pakistan will have to depend on international financial institutions and friendly countries for external payments, while inflation in Pakistan is estimated to be at a high level of 25% this fiscal year.
Pakistan’s growth rate is forecast at 1.9 percent for the current fiscal year, while the report says that political instability is a major challenge to economic recovery and reforms.
Pakistan’s economy shrank due to political uncertainty and floods, the report said, last year Pakistan recorded higher inflation than in the last five decades. If the reforms are implemented, the process of economic recovery will start from this year.
According to the report, the agricultural production and industrial sector are expected to improve in the current financial year, while the growth in the construction sector has been affected by cost increases and tax increases.
The report states that inflation is expected to decrease in the next fiscal year, which will reach 15 percent, the prices of food items will stabilize next year, while inflation will increase due to the increase in energy prices under the IMF program. will remain
According to the report, the growth rate of the region is estimated to be 4.9% due to the increase in local demand and development, exports and tourism in Asian countries, the inflation wave in the region will decrease.
According to the report, China’s growth rate is expected to be 4.8% while India’s growth rate is expected to be 7%.
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