Pakistan is again in the news for its economic crisis amid food shortages and poverty. According to a World Bank report, Pakistan is South Asia’s weakest economy.
The World Bank Global Economic Prospects report forecasted Pakistan’s economic growth to slow further to 2% during the current year — down by two percentage points from its June 2022 estimate, news agency ANI reported.
The report said that Pakistan’s economic output was not only declining itself but also bringing down the regional growth rate as well.
The report cited last year’s floods as a reason for the economic situation in the country.
Reportedly, the forex reserves in the country which hit a new low of $4.6 billion would only be enough to pay for foreign import bills for three weeks. The analysts put Pakistan’s need for relief at $33 billion, ANI reported.
The report said that there is an acute food shortage. Market reports say a PKR 1200 bag of 20 kg of flour has shot up to PKR 3,000.
Dragging talks with the International Monetary Fund (IMF) put PKR at three months low.
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