The Asian Development Bank (ADB) has predicted high inflation in Pakistan this year, according to its latest Asian Development Outlook report.
While inflation rates are expected to remain elevated, the report suggests a potential reduction in Pakistan’s debt burden.
The ADB report highlights that Pakistan’s economic growth rate was 2.4 percent in the last fiscal year, with agriculture playing a significant role in this growth.
Despite persistent inflation, the rate fell from 38% to 11.8%, leading to a reduction in the base rate.
The report also points out that the size of debt in Pakistan’s economy could be reduced by 7 percent. However, 62 percent of the country’s revenue in the current fiscal year will go toward debt repayment.
In addition, the ADB projects a growth rate of 5 percent for developing Asian countries in 2024, falling slightly to 4.9 percent in 2025. India currently leads the region with an impressive 7 percent economic growth.
