By Mehtab Haider in The News, Oct 07, 2022
ISLAMABAD: While committing $2 billion in loans for flood-affected areas, the World Bank (WB) Thursday revised downward Pakistan’s macroeconomic projections in the aftermath of severe floods, by lowering GDP growth and hiking inflation as well as worsening fiscal and external deficits.
In the South Asian region, Pakistan’s macroeconomic projection remains second worst after Sri Lanka where the GDP growth was projected to go negative. ….
The WB projected a massive downward revision in the GDP growth rate to 2 per cent for Pakistan against an official projection of 5pc, hiking inflation up to 23pc against the target of 11.5pc, budget deficit of 6.9pc of GDP against official estimates of 4.9pc and primary deficit at negative 3pc of GDP against the official target of surplus 0.2pc of GDP for the current fiscal year provided Islamabad remained under the existing IMF arrangement of Extended Fund Facility (EFF).
The WB has projected that poverty would go up by 2 to 4.5pc, pushing 5.8 million to 9 million people below the cruel clutches of the poverty line in Pakistan after witnessing floods……..
https://www.thenews.com.pk/print/997713-floods-devastation-wb-cuts-pakistan-s-growth-projection-to-2pc
