Pakistan Economic Crisis: The condition of neighboring country Pakistan is getting worse day by day. The cost of living in Pakistan is the highest in all of Asia. The reason for this is the inflation which has reached sky high in Pakistan. Inflation rate in Pakistan has reached 25 percent. This information has been given in the latest report of Asian Development Bank i.e. ADB. According to the report released on Thursday in Manila, Pakistan’s economy can grow at the rate of 1.9 percent.
Highest inflation in Asia in Pakistan
Express Tribune reported that the Asian growth outlook painted a gloomy picture for the next financial year. During this period, 15 percent inflation rate and 2.8 percent growth rate has been estimated. ADB said that the inflation rate in Pakistan is estimated to be 25 percent in the current financial year, which is the highest in entire Asia. Thus, Pakistan has the highest inflation in Asia. Pakistan has been in a period of inflation-induced recession for a long time and the World Bank had also said last week that due to inflation, one crore people here could get trapped in poverty.
9.8 crore people living in poverty
Nearly 98 million people in Pakistan are already living in poverty. Recently the World Bank has also said that the economic condition of Pakistan is deteriorating. He warned that more than one crore people could fall below the poverty line in the cash-strapped country. This apprehension of the World Bank is based on rising inflation along with a slow economic growth rate of 1.8 percent. The poverty rate in Pakistan remains at around 40 percent. The report highlighted the risk of people living just above the poverty line falling below it. The World Bank said the poor and marginalized people are likely to benefit from windfall gains in agricultural production.
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