World Bank: Pakistan’s economy is contracting as prices are rising.

World Bank: In the wake of catastrophic flooding, Pakistan’s economy is contracting as prices are rising. It was reported that in the current fiscal year, which ends in June 2023, Pakistan’s economy is predicted to rise by just 2%.

The slower growth will be driven by damages and disruptions brought on by catastrophic floods, a tight monetary policy, rising inflation, and an unfavorable global environment, according to the World Bank’s October 2022 Pakistan Development Update: Inflation and the Poor. Recovery will take time, with real GDP growth expected to reach 3.2% in the fiscal year 2024.