This Country Has the Highest Cost of Living in Asia!
- Publish date: Monday، 15 April 2024
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Pakistan faces significant economic hurdles, including soaring inflation rates and sluggish growth, as per the latest Asian Development Bank report.
Inflation Concerns
With a staggering 25% inflation rate, Pakistan tops the list as the most expensive nation in Asia, surpassing previous records in South Asia.
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Growth Projections
The ADB forecasts a 1.9% growth rate for Pakistan this fiscal year, ranking it as the fourth lowest in Asia, trailing Myanmar, Azerbaijan, and Nauru.
Fiscal Year Forecast
Looking ahead, the report projects a continued struggle, with a 15% inflation rate and a 2.8% growth rate anticipated for the next fiscal year.
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Policy Targets
Despite setting an inflation target of 21%, Pakistan is expected to miss it, despite implementing a 22% interest rate.
Stagflation Concerns
Pakistan's prolonged stagflation phase raises concerns, with the World Bank warning of a potential increase in poverty by 10 million people, adding to the 98 million already living below the poverty line.