This Country Has the Highest Cost of Living in Asia!
- Publish date: Monday، 15 April 2024
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Pakistan faces significant economic hurdles, including soaring inflation rates and sluggish growth, as per the latest Asian Development Bank report.
Inflation Concerns
With a staggering 25% inflation rate, Pakistan tops the list as the most expensive nation in Asia, surpassing previous records in South Asia.
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Growth Projections
The ADB forecasts a 1.9% growth rate for Pakistan this fiscal year, ranking it as the fourth lowest in Asia, trailing Myanmar, Azerbaijan, and Nauru.
Fiscal Year Forecast
Looking ahead, the report projects a continued struggle, with a 15% inflation rate and a 2.8% growth rate anticipated for the next fiscal year.
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Policy Targets
Despite setting an inflation target of 21%, Pakistan is expected to miss it, despite implementing a 22% interest rate.
Stagflation Concerns
Pakistan's prolonged stagflation phase raises concerns, with the World Bank warning of a potential increase in poverty by 10 million people, adding to the 98 million already living below the poverty line.
This article was previously published on UAE Moments.To see the original article, click here