The Asian Development Bank (ADB) has estimated Pakistan’s economic growth up to 2pc in the current ongoing FY2022-23, in the wake of last year’s devastating floods, ballooning inflation, a current account deficit, and an ongoing foreign exchange crisis.
According to the Asian Development Outlook (ADO), Pakistan’s economy struggled to recover in FY2022-23 and experienced a decline of 0.6% in growth.
According to the research, growth is expected to stay at up to 2 percent in 2022–23.
ADB Country Director for Pakistan Yong Ye stated that “Pakistan’s economy continues to face strong headwinds while last year’s catastrophic floods have exacerbated the economic and financial challenges.”
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According to the ADB report, Pakistan’s economic, social, and environmental growth is severely threatened by climate change. In the past 20 years, the nation has been listed as one of the top 10 most vulnerable countries globally by the Global Climate Risk Index.
The expected average inflation rate for this fiscal year is 27.5 percent, up from 12.2 percent in FY2021–22.
