Pakistan's inflation at highest level since 1970s, says World Bank
Business
Economic growth rate expected to be 2% in financial year against previously predicted 4% GDP
ISLAMABAD (Web Desk) - The World Bank has said that Pakistan s economy was in deep trouble and inflation in the country was at the highest level since 1970s.
The World Bank has released a report on the global economic impact in which it has been stated that the global economy was facing a slowdown due to many reasons including the Russo-Ukraine war.
According to the report, Pakistan s economic growth rate was expected to be two percent in the current financial year due to floods. Earlier, the World Bank had predicted four percent GDP growth for Pakistan.
Pakistan is facing difficult economic conditions, the recent worst floods and political uncertainty are the main reasons for Pakistan s difficult economic conditions, according to the World Bank.
World Bank Report has further stated that the inflation rate of 24.5 percent in December was the highest since 1970s.
From June to December the value of the rupee fell by 14 percent against the dollar, as per the report, climate intensity could affect the supply of food and essential goods while infrastructure and agricultural production are also expected to be damaged.
The report has cited that the country’s risk premium has increased by 15 percent during this time.
