edited by: Namit Singh Sengar
Last Update: January 18, 2023, 10:07 AM IST
In the report, last year’s flood has been cited as the reason for the country’s economic condition.
Pakistan economic crisis: The World Bank’s Global Economic Prospects report projected Pakistan’s economic growth to slow down to 2% during the current year.
Pakistan is in news for its economic slowdown amid natural calamities, food shortage and poverty. according to a World Bank report, Pakistan is the weakest economy in South Asia.
The World Bank’s Global Economic Prospects report has projected Pakistan’s economic growth to slow down to 2% during the current year – two percentage points lower than the June 2022 estimate, news agency ANI reported.
The report states that Pakistan’s economic output is not only declining itself but also bringing down the regional growth rate.
In the report, last year’s flood has been cited as the reason for the country’s economic condition.
Reportedly, the foreign exchange reserves in the country which had hit a new low of $4.6 billion would only be enough to pay for foreign import bills for three weeks. ANI reported that analysts have pegged Pakistan’s need for relief of $33 billion.
The report states that there is an acute shortage of food. Market reports say that a bag of 20 kg flour from 1200 PKR has increased to 3,00 PKR.
The drawn-out talks with the International Monetary Fund (IMF) brought down the PKR to a three-month low.
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