Pakistan has been named by the Asian Development Bank (ADB) as the second most expensive country in South Asia.
According to the ADB’s supplement report titled “Asian Development Outlook 2022 Supplement,” the inflation rate in Pakistan will continue high in the next months, and the value of the Pakistani rupee may decline even lower.
The estimate predicts that energy costs in Pakistan would rise and that economic development throughout South Asia has slowed as a result of recent rains.
Along with restrictive monetary policy, rising inflation, and an unfavourable global environment, the ADB predicted that the disruption and destruction caused by floods will slow down real GDP growth in its monthly addition to the Asian Development Outlook (ADO) 2022.
According to the research, agriculture, particularly wheat and livestock, has taken a major hit from the floods, which has had a profound effect on Pakistan’s economy.
The Asian Development Bank predicted that inflation in South Asia (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka) will rise from 8.1 percent in September to 8.2 percent in December.