December 1, 2023

According to ADB, Pakistan’s growth will “slightly recover” this fiscal year

MANILA: While cutting its growth projection for Asia in 2022, the Asian Development Bank (ADB) predicted that Pakistan’s economic growth will “recover slightly” in the fiscal year 2022–23.

The institution stated in a report that “growth is predicted to gradually rebound in FY2023, underpinned by structural reforms.”

According to the ADB, Pakistan’s gross domestic product (GDP) growth is predicted to decelerate in FY2022 (the fiscal year that ends on June 30, 2022), as a result of fiscal tightening measures taken to control rising demand pressures and reduce external and fiscal imbalances.

The bank also reduced its 2022 growth prediction for developing Asia and issued a warning that the economy could deteriorate as a result of the crisis in Ukraine and supply chain disruptions that are expected to drive up costs.

Even though the effects of COVID-19 had subsided, the region was still dealing with the consequences of China’s lockdown, Russia’s invasion of Ukraine, and aggressively raised interest

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