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Islamabad: Pakistan has been declared the second most expensive country in Asia after Sri Lanka, inflation has increased according to IMF terms, Sri Lanka is the first bankrupt country, the inflation rate is likely to remain at the highest level next year.
The economic outlook report of developing countries has been released by the Asian Development Bank, in which Pakistan has been declared as the second most expensive country in Asia.
According to the report of ADB, in the last six months, Pakistan has seen the highest increase in inflation compared to other countries in the region a
fter Sri Lanka
According to the report, inflation in Pakistan has increased from 12% to 21%, in Sri Lanka from 14% to 45% and it has been stated that the economic growth rate in Pakistan during the current year is moderate while the inflation rate is likely to remain high.
The cause of inflation in Pakistan has been attributed to measures to restore the IMF program and increase in global prices of oil and food, however, the report also expressed the hope of improvement in the economic growth rate in Pakistan next year.
In the Asian Development Bank, Russia also could not maintain the growth rate due to the war and according to the Economic Outlook Report, the growth
rate of the region will be limited to 4.6% instead of 5.2% due to the Russia-Ukraine war.
The causes of inflation in Pakistan include increase in electricity rates and withdrawal of subsidy on oil and electricity, while inflation also increased due to global prices of energy and food.
In the report, it is hoped that the pace of economic development of Pakistan will improve slightly in the next financial year, strict measures will
have to be taken to control the external and financial imbalances.
