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Sunday, March 3, 2024
HomeWorldFloods in Pakistan cause economic loss to the of USD 12.5 billion

Floods in Pakistan cause economic loss to the of USD 12.5 billion

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The estimated economic loss to Pakistan from floods has increased from USD 10 billion to USD 12.5 billion. The catastrophic floods in Pakistan resulted in the loss of lives. Inflation is projected to go up to the range of 24 per cent to 27 per cent and will touch 30 per cent for the current fiscal year, reported Agencies.

Moreover, poverty and unemployment will go up manifold from 21.9 per cent to over 36 per cent. Some 37 per cent population was hit by poverty after floods in 118 districts, as estimated by the Pakistan government.

 A high-profile committee with representation from the Ministry of Finance, Ministry of Planning, State Bank of Pakistan, FBR, PIDE and others evaluated that poverty and unemployment have gone up manifold, rising from 21.9 per cent to over 36 per cent. Unemployment has gone up significantly but the government has decided to share any number after holding consultations with relevant stakeholders.

The unemployment rate stood at 6 per cent before the recent severe floods. Official sources said that the GDP growth would be reduced from 5 per cent to 2 per cent for the current fiscal. 

The State Bank of Pakistan revealed that growth would be reduced from 4 per cent to 4.5 per cent to 2 per cent for the current fiscal

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