- Home
- Current Affairs
- Current News
- Pakistan Faces Highest Living Costs, Stagnant Economy: ADB Report
Pakistan Faces Highest Living Costs, Stagnant Economy: ADB Report
- 15 Apr 2024
On 11th April 2024, Asian Development Bank (ADB) report unveiled Pakistan's alarming 25% inflation rate and sluggish 1.9% economic growth, painting a bleak outlook amid IMF bailout talks.
Key Points
- Cost of Living Crisis: Pakistan tops Asia with 25% inflation rate, grappling with soaring living costs, according to latest ADB report released in Manila.
- Economic Growth Stagnation: ADB predicts Pakistan's economy to grow at a meager 1.9%, ranking fourth lowest in Asia, amidst persistent challenges and uncertainties.
- Gloomy Fiscal Forecast: Next fiscal year outlook remains grim, with projected 15% inflation rate and 2.8% growth rate, spelling further economic woes for Pakistan.
- Inflationary Pressures: Despite efforts, Pakistan's inflation target of 21% set by SBP and federal government likely to be missed, fueled by tight monetary policies.
- Stagflation Concerns: Pakistan grapples with stagflation, prolonged economic stagnation coupled with soaring inflation, posing threats to poverty alleviation efforts.
- External Financing Challenges: ADB underscored Pakistan's significant external financing needs, highlighting risks from tight global monetary conditions.
- IMF Bailout Talks: Finance Minister set to meet IMF MD for new bailout package amid discussions for a follow-up programme.
State In News
State In News
State In News
- Andhra Pradesh
- Arunachal Pradesh
- Assam
- Bihar
- Chhattisgarh
- Delhi
- Goa
- Gujarat
- Haryana
- Himachal Pradesh
- Jammu And Kashmir
- Jharkhand
- Karnataka
- Kerala
- Ladakh
- Madhya Pradesh
- Maharashtra
- Manipur
- Meghalaya
- Mizoram
- Nagaland
- Odisha
- Punjab
- Rajasthan
- Tamil Nadu
- Telangana
- Tripura
- Uttar Pradesh
- Uttarakhand
- West Bengal