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Home World Asia

Now Pakistan is 2nd Most Expensive country in South Asia – ADB Report

Web Desk by Web Desk
January 12, 2023
in Asia, Pakistan
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Now Pakistan is 2nd Most Expensive country in South Asia - ADB Report

Now Pakistan is 2nd Most Expensive country in South Asia - ADB Report

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The Asian Development Bank on Wednesday in a report declared Pakistan as the second most expensive country in the South Asian region.

The Asian Development Bank (ADB) has released its report for the year 2022, predicting that the inflation rate in Pakistan will remain high in the coming months and the value of the Pakistani rupee may fall further. The inflation rate in Pakistan is recorded at 26.6%.

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Also Read : Pakistan signed $475 Million flood relief agreement with the Asian Development Bank

According to the forecast, energy is likely to become more expensive in Pakistan, and the rate of economic growth in South Asia has slowed down due to floods, adding that the floods in Pakistan and Bangladesh have affected both countries’ economic growth.

#ADBNews: Monetary policy tightening by central banks, the Russian invasion of Ukraine, and recurring lockdowns in the PRC are slowing down economic recovery in Developing Asia and the Pacific.

Find out more in ADB’s #ADO2022 supplement: https://t.co/u9eCooQH4s pic.twitter.com/UNz3tNqzwh

— Asian Development Bank (@ADB_HQ) December 14, 2022

On the other hand, Sri Lanka has been declared the most expensive country in the region with an inflation rate of 70.6 percent, while the inflation rate in Bangladesh is 8.9 percent and India is witnessed at 6.8 percent.

The report further stated that the floods have caused significant damage to Pakistan s economy, causing massive damage to the agriculture sector especially wheat and livestock as well Power Sector.

Remember here one thing Asian Development Bank in his report predict that the inflation rate in Pakistan will remain high in the coming months.

Tags: Asian Development BankAsian Regionburj newsDevastating Floods & RainsfloodsPakistanpdm govermentpmshahbazsharif
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