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Home Asia

Pakistan Second Most Expensive Country in South Asia: Report

by News Publishing
December 15, 2022
in Asia, Economy, Main, New, News
Reading Time: 1 min read
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Pakistan Second Most Expensive Country in South Asia: Report
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The Asian Development Bank (ADB) has declared Pakistan as the second most expensive country in the South Asian region.

The ADB projected that Pakistan’s inflation rate will continue high in the upcoming months and that the value of the Pakistani rupee may decline even further in the supplement report titled “Asian Development Assessment 2022 Supplemental.”

The economic growth in South Asia has slowed down as a result of the floods, and the projection predicts that energy prices in Pakistan will likely rise. It also notes that the floods in Pakistan and Bangladesh have impacted economic growth.

“Flood disruption and damage are expected to slow down real GDP growth in combination with a tight monetary policy, high inflation, and an unconducive global environment,” the ADB said in a regular supplement to the Asian Development Outlook (ADO) 2022.

#ADBNews: Monetary policy tightening by central banks, the Russian invasion of Ukraine, and recurring lockdowns in the PRC are slowing down economic recovery in Developing Asia and the Pacific.

Find out more in ADB’s #ADO2022 supplement: https://t.co/u9eCooQH4s pic.twitter.com/UNz3tNqzwh

— Asian Development Bank (@ADB_HQ) December 14, 2022

According to the report, the floods severely harmed agriculture, particularly wheat and livestock, and significantly hurt Pakistan’s economy.

The ADB projected inflation for South Asia — comprising of Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka — to increase from 8.1pc in September to 8.2pc in the recent December update.

Tags: (ADB)latestPakistanSecond Most ExpensiveSouth Asia
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