Pakistan becomes ‘second most expensive’ country in South Asia
The Asian Development Bank (ADB) has declared Pakistan as the ‘second most expensive’ country in the South Asian region amid the soaring inflation.
The Asian Development Bank (ADB) has released its outlook for the year 2022, predicting that the inflation rate in Pakistan will remain high in the coming months and the value of Pakistani rupee may fall further.
Pakistan is the second most expensive country in South Asian region with an inflation rate of 26.6 percent, ADB’s report stated.
The report furthered Pakistan’s economic condition is likely to derail as catastrophic floods have caused severe devastation in the country.
“Flood disruption and damage are expected to slow down real GDP growth in combination with a tight monetary policy, high inflation and an unconducive global environment,” the ADB’s outlook noted.
Unprecedented flash floods, caused by historic monsoon rains, have washed away roads, crops, infrastructure and bridges in Pakistan, killing over 1,100 people since mid-June and affecting more than 33 million.
On the other hand, The State Bank of Pakistan (SBP) reported that remittances dropped by 14% to $2.10 billion in November 2022 compared to $2.45 billion in the same month of last year. The inflows decreased by 5% compared to the previous month of October 2022.
