Pakistan Inflation Rate: According to a new report by the Asian Development Bank (ADB), the inflation rate in Pakistan has gone up to 25 percent, after which it has become the most expensive country in the whole of Asia. Pakistan’s economy is growing at a rate of 1.9 percent, which is the fourth slowest growing economy in Asia.
Pakistan’s Express Tribune reported that according to the Asian Development Outlook, Pakistan’s next financial year 2024-25 is also going to be disappointing. Inflation has been estimated at 15 percent in the next financial year in Pakistan. The Manila-based credit agency said the inflation rate in Pakistan is expected to be 25 percent in the current financial year, which is the highest in entire Asia. This makes Pakistan the most expensive country in Asia.
economic growth rate of pakistan
The State Bank of Pakistan and the Government of Pakistan had set the inflation target for this financial year at 21 percent, but this is not possible. The Asian Development Bank said that the country’s economic growth rate during the current financial year could be 1.9 percent, which is the fourth lowest rate after Myanmar, Azerbaijan and Nauru.
Poverty is increasing in Pakistan
Pakistan has been suffering from inflation for a long time, the World Bank had said last week that 10 million people of Pakistan could get trapped in poverty. About 98 million people in Pakistan are already living below the poverty line. The new ADB report said that Pakistan will continue to face economic challenges and will have to take new loans.
Pakistan is taking loan from IMF
On the other hand, Pakistan’s Finance Minister Mohammad Aurangzeb is going to go to Washington next week for the new bailout package. During this he will meet IMF Managing Director Kristalina Georgieva. IMF is considering giving loan to Pakistan. ADB said that after this loan, inflation may increase in Pakistan, because IMF can put pressure on Pakistan to collect taxes to recover the loan.
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