Pakistan has the highest living cost in all of Asia with a 25% inflation rate and its economy may grow at the fourth lowest pace of 1.9 per cent in the region, according to a new Asian Development Bank (ADB) report. The report was released on Thursday in Manila.
The Express Tribune reported that the Asian Development Outlook also painted a gloomy picture for the next fiscal year as well, projecting a 15 per cent inflation rate for the next fiscal year — again the highest among 46 countries and a 2.8 per cent growth rate — the fifth lowest for FY 2024-25. The Manila-based lending agency stated that the inflation rate in Pakistan is expected to be 25% in the current fiscal year — the highest in all of Asia.
This makes Pakistan the most expensive nation in Asia. Earlier, the cost of living in Pakistan used to be the highest in South Asia.
The State Bank of Pakistan (SBP) and federal government had set the inflation target at 21% for this fiscal year but they are going to miss it despite inflicting huge losses in the shape of a 22% interest rate.
The ADB said during the current fiscal year, the country’s economic growth rate might remain at 1.9%, the fourth lowest after Myanmar, Azerbaijan and Nauru. (www.economictimes.indiatimes.com)
