AIRLINK 66.80 Increased By ▲ 2.21 (3.42%)
BOP 5.67 Increased By ▲ 0.07 (1.25%)
CNERGY 4.63 Decreased By ▼ -0.09 (-1.91%)
DFML 22.32 Increased By ▲ 1.56 (7.51%)
DGKC 69.76 Decreased By ▼ -1.64 (-2.3%)
FCCL 19.62 Decreased By ▼ -0.33 (-1.65%)
FFBL 30.20 Decreased By ▼ -0.25 (-0.82%)
FFL 9.90 Decreased By ▼ -0.15 (-1.49%)
GGL 10.05 No Change ▼ 0.00 (0%)
HBL 115.70 Increased By ▲ 4.70 (4.23%)
HUBC 130.51 Decreased By ▼ -0.33 (-0.25%)
HUMNL 6.74 Decreased By ▼ -0.11 (-1.61%)
KEL 4.35 Decreased By ▼ -0.04 (-0.91%)
KOSM 4.80 Increased By ▲ 0.46 (10.6%)
MLCF 37.19 Decreased By ▼ -0.56 (-1.48%)
OGDC 133.55 Decreased By ▼ -0.30 (-0.22%)
PAEL 22.60 Increased By ▲ 0.03 (0.13%)
PIAA 26.70 Decreased By ▼ -0.85 (-3.09%)
PIBTL 6.25 Decreased By ▼ -0.06 (-0.95%)
PPL 113.95 Decreased By ▼ -1.00 (-0.87%)
PRL 27.15 Decreased By ▼ -0.07 (-0.26%)
PTC 16.13 Decreased By ▼ -0.37 (-2.24%)
SEARL 59.70 Decreased By ▼ -1.00 (-1.65%)
SNGP 66.50 Increased By ▲ 1.35 (2.07%)
SSGC 11.21 Decreased By ▼ -0.14 (-1.23%)
TELE 8.94 Decreased By ▼ -0.03 (-0.33%)
TPLP 11.34 Increased By ▲ 0.09 (0.8%)
TRG 69.36 Increased By ▲ 0.31 (0.45%)
UNITY 23.45 Increased By ▲ 0.01 (0.04%)
WTL 1.36 Decreased By ▼ -0.03 (-2.16%)
BR100 7,312 Decreased By -12.8 (-0.17%)
BR30 24,106 Increased By 48.2 (0.2%)
KSE100 70,484 Decreased By -60.9 (-0.09%)
KSE30 23,203 Increased By 11.5 (0.05%)

The Asian Development Bank (ADB) on Wednesday said Pakistan’s economic growth in the fiscal year 2023 remained lower than expectations.

The projection was weighed down by tighter monetary and fiscal policies to safeguard macroeconomic stability, pervasive inflation, and significant damage from flooding, read Asian Development Outlook (ADO) July 2023.

However, it maintained forecast for Pakistan’s economy in FY2024 on the assumption that external and domestic conditions improve.

It also said that the ADO April 2023 projection for Pakistan in FY2024 assumes that the government will continue reforms as recommended by the International Monetary Fund (IMF) under a new policy-support program approved on July 12.

Moreover, the report said that actual inflation in Pakistan in FY2023 was higher than projected, leaving the sub-regional forecast unchanged.

“Continued demand-side pressures in Pakistan play an outsized role in the upward revision to the sub-regional inflation forecast for 2024,” it said.

Given balancing developments, growth forecasts for East Asia are maintained at 4.6% in 2023 and at 4.2% in 2024. For South Asia, growth forecasts are at 5.5% in 2023 and 6.1% in 2024, and for the Pacific at 3.3% in 2023 and 2.8% in 2024.

Southeast Asia’s growth prospects are downgraded slightly from 4.7% to 4.6% in 2023 and from 5.0% to 4.9% in 2024, reflecting weaker global demand for manufactured exports

Meanwhile, ADB cut its inflation forecast for developing Asia, as food and fuel prices eased, supply chain disruptions waned and interest rate hikes started to bite.

Inflation, which has squeezed household budgets and left millions of poor households struggling to put food on the table, is heading back towards pre-Covid levels, the Philippines-based lender said.

It expects inflation of 3.6% this year, compared with its forecast in April of 4.2% as prices in China eased sharply, the bank said in its flagship outlook report.

Comments

Comments are closed.