Pakistan’s economic growth to remain lower in FY23, says ABD Report

In the aftermath of last year's devastating floods, rising inflation, a current account deficit, and an ongoing foreign exchange crisis, the Asian Development Bank (ADB) has estimated Pakistan's economic growth up to 2 percent in the current ongoing FY2022-23.

The Asian Development Outlook (ADO) estimates that Pakistan's economy failed to recover in FY2022-23 and saw a decline in growth of 0.6%.

According to the study, development in 2022–2023 is predicted to remain at up to 2 percent.

ADB Country Director for Pakistan Yong Ye stated that “Pakistan’s economy continues to face strong headwinds while last year’s catastrophic floods have exacerbated the economic and financial challenges.”

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According to the ADB report, Pakistan’s economic, social, and environmental growth is severely threatened by climate change. In the past 20 years, the nation has been listed as one of the top 10 most vulnerable countries globally by the Global Climate Risk Index.

The expected average inflation rate for this fiscal year is 27.5 percent, up from 12.2 percent in FY2021–22.