HomeBusinessThe Asian Development Bank has released an important report on inflation in...

The Asian Development Bank has released an important report on inflation in 2024

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The Asian Development Bank’s annual Asian Development Outlook Report 2024 has been released.

The Asian Development Bank’s annual forecast report said the region’s growth rate is expected to be 4.9 percent due to domestic demand and development in Asian countries, an increase in exports and tourism, while the inflationary wave in the region will subside.

According to the report, China’s growth rate is 4.8 percent while India’s growth rate is expected to be 7 percent. Pakistan’s economy has shrunk due to political uncertainty and floods. If implemented, the process of economic recovery will begin from this year.

In good news, Saudi Arabia has decided to increase the amount deposited in the Central Bank of Pakistan from $3 billion to $5 billion.

A report by the Asian Development Bank has projected Pakistan’s growth rate at 1.9 percent in the current fiscal year and has identified political instability as a major challenge for economic recovery and reforms.

According to the report, Pakistan will have to rely on international financial institutions and friendly countries for external payments and Pakistan needs measures for financial inclusion of women.

The Asian Development Bank report said agricultural production and the industrial sector are expected to improve this financial year, while rising costs and tax increases have affected growth in the construction sector.

The forecast report states that Pakistan’s growth rate in the next fiscal year is estimated at 2.8 percent, while the inflation rate is estimated at a high level of 25 percent in the current fiscal year, there is a possibility of a decrease. in inflation. The next financial year and inflation rate will reach 15 percent.

According to the report, food prices will be stable next year, but inflation will remain high due to the increase in energy prices under the IMF programme.

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