Asian Development Bank declares Pakistan second most expensive country in South Asia region
Asian Development Bank (ADB) has declared Pakistan the second most expensive country in the South Asia region.
On Wednesday, the Asian Development Bank (ADB) released its outlook for the year 2022, predicting that the inflation rate in Pakistan will remain high in the coming months and the value of the Pakistani rupee may fall further.
According to the ADB’s report, the inflation rate in Pakistan stands at 26.6%.
The report further added that the floods have caused significant damage to Pakistan s economy, causing massive damage to agriculture, especially wheat and livestock.
While, ADB declared Sri Lanka the most expensive country in the region with an inflation rate of 70.6 per cent, while the inflation rate in Bangladesh is 8.9 per cent and India is witnessed at 6.8 per cent.
ADB has forecasted that energy is likely to become more expensive in Pakistan, and the rate of economic growth in South Asia has slowed down due to floods.
It added that the floods in Pakistan and Bangladesh have affected economic growth.
