Pakistan Has Highest Living Cost In All Of Asia

According to recent Asian Development Bank (ADB) research, Pakistan has the highest cost of living in all of Asia with a 25% inflation rate, and its economy may expand at the fourth-lowest rate in the region of 1.9%.

The study was released in Manila, the capital of the Philippines. According to Pakistan’s Express Tribune, the Asian Development Outlook also presented a bleak picture for the upcoming fiscal year.

They predicted a growth rate of 2.8% for FY 2024–2025 and a 15% inflation rate for the following fiscal year, which is again the highest among 46 countries. Despite suffering significant losses in the form of a 22% interest rate, the State Bank of Pakistan (SBP) and the federal government will not meet their inflation target for this fiscal year, which was set at 21%.

The country’s economic growth rate may stay at 1.9% for the current fiscal year, according to the ADB, which places it fourth lowest after Myanmar, Azerbaijan, and Nauru. Pakistan has been experiencing stagflation for a while, and the World Bank warned last week that any negative shocks might push another 10 million people into poverty.

In Pakistan, an estimated 98 million people already lead poor lives. Previously, the ADB provided an economic picture that was somewhat positive and in line with Pakistan’s government projections.