ISLAMABAD: The Asian Development Bank (ADB) in its recently released economic outlook report has forecast inflation in Pakistan to go down from 29 per cent to 25 per cent.
The ADP issued the report on Pakistan’s economy and declared the implementation of an Economic Adjustment Program by April 2024 essential.
ADB report stated inflation in Pakistan will decrease from 29 per cent to 25 per cent in the ongoing fiscal year as the country’s economic confidence is expected to increase from the general elections in 2023-24.
However, high inflationary pressure will continue due to an increase in energy prices and the falling value of the rupee, while the report predicts Pakistan’s GDP to be 1.9 per cent during the year 2024.
ADB report said that the Economic Adjustment Program has to be implemented for macroeconomic stability and gradual economic recovery while relaxation of controls on imports is likely to increase investment.
ADB Country Director said: “Increase in global prices and slow economic growth is also a threat to Pakistani economy along with economic stability depends on sustained policy reforms.”
The ADB stressed for maximum fiscal discipline and urged market-based exchange rate along with emphasizing on speedy reforms in the energy sector and other government institutions.
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