Pakistan Faces Soaring Inflation: Highest in Asia, ADB Report Reveals
The latest report from the Asian Development Bank (ADB) reveals Pakistan’s alarming inflation rate, the highest in Asia at 25%.
The economic situation in Pakistan continues to deteriorate, with its people bearing the brunt of soaring living costs. Recent data from the Asian Development Bank (ADB) reveals that Pakistan now holds the unenviable title of having the highest cost of living in all of Asia. This dire scenario is predicted to worsen in the foreseeable future, with an alarming increase in poverty levels looming.
According to the latest ADB report released in Manila, Pakistan's inflation rate stands at a staggering 25 percent, contributing to its dismal economic outlook. Projections indicate a meager growth rate of 1.9 percent for Pakistan's economy, painting a bleak picture for its citizens.
The situation is particularly bleak for the upcoming financial year, with estimations suggesting a 15 percent inflation rate and a paltry 2.8 percent growth rate. The Asian Development Bank's findings underscore the severity of Pakistan's economic woes, positioning it with the highest inflation rate in the entire Asian region.
Stagflation, a persistent economic phenomenon characterized by stagnant growth and soaring inflation, has plagued Pakistan for an extended period. Recent warnings from the World Bank further exacerbate the grim situation, suggesting that an additional one crore individuals in Pakistan could fall below the poverty line due to escalating inflation. With approximately 98 million people already living in poverty, the prospect of further economic hardship looms large over Pakistan's future.
