With 25% Inflation Rate, Cost of Living in Pakistan Highest in Asia, States ADB Report

The cost of living is the highest in Pakistan in all of Asia as the cash-strapped country has a 25 per cent inflation rate and its economy may grow at the fourth lowest pace of 1.9 per cent in the region. This was stated in a new Asian Development Bank (ADB) report released on Thursday in Manila.

The Asian Development Outlook also painted a gloomy picture for the next fiscal year for Pakistan, projecting a 15 per cent inflation rate for the next fiscal year and a 2.8 per cent growth rate, reported The Express Tribune.

The Manila-based ADB stated that the inflation rate in Pakistan is expected to be 25 per cent in the current fiscal year. With it, Pakistan will be the most expensive nation in Asia.

The State Bank of Pakistan (SBP) and the federal government had set the inflation target at 21 per cent for this fiscal year but they are going to miss it.

The ADB said during the current fiscal year, Pakistan’s economic growth rate might remain at 1.9 per cent, the fourth lowest after Myanmar, Azerbaijan and Nauru.