World Bank on Pakistan Inflation: Even in the financial year 2023-24, the troubles in Pakistan are not taking the name of abatement. According to Dawn’s report, now the World Bank has made such an estimate regarding the inflation of Pakistan, after which the general public there may get a big shock. The country going through economic crisis is not going to get rid of inflation in the recent times. The World Bank has predicted for the financial year 2023-24 that the inflation rate in Pakistan (Pakistan Inflation Rate in 2023-24) is likely to be 29.5 percent. Inflation can skyrocket in this country due to lack of energy and rising prices of food items.
Petrol and diesel prices increased once again in Pakistan
According to Dawn’s report, giving a shock to the common people in the month of Ramadan, Finance Minister Ishaq Dar announced on Saturday that the price of petrol is being increased by Rs 10 per liter (Pakistan Petrol Price Hike). After this increase, the price of petrol in Pakistan has increased to Rs 282 per litre. Along with this, according to the estimate of the World Bank, the inflation rate in Pakistan will be 29.5 percent. In such a situation, the common people will continue to feel the shock of inflation throughout the year.
GDP growing at a rate of 0.4 percent in the financial year 2023-24
Earlier, expressing apprehension on Pakistan’s GDP, the World Bank had said that the country’s economic growth rate will grow at only 0.4 per cent in FY2023. Apart from this, the International Monetary Fund (IMF) has reduced Pakistan’s GDP estimate from 3 percent to 0.5 percent in the current financial year 2023-24. On the other hand, according to Asian Bank on Pakistan GDP, Pakistan’s GDP has been estimated to be 0.6 percent in this financial year.
bad effect on agriculture
For the first time in the last 20 years, a decrease in agricultural production can be seen in Pakistan. Floods in the year 2023, rising inflation and increase in fuel prices have also affected the agriculture sector. In such a situation, poverty is also expected to increase in the country due to rising inflation and reduction in agricultural production. According to the report of The News, poverty in the country is estimated to increase to 37.2 percent in FY 2023 as against 36.2 percent in FY 2022. In such a situation, 39 lakh people in the country will go below the poverty line.
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