ADB estimates lowest growth rate for Pak in South Asia

The Asian Development Bank (ADB) has estimated that Pakistan's growth rate for fiscal year 2019-20 is the lowest in South Asia at 2.8 per cent.

The ADB report said on Wednesday that Pakistan's economy will develop less this fiscal against last year and its Gross Domestic Product (GDP) will remain at 2.8 per cent. Other countries in South Asia have been forecasted better than it.

The Bank in the Asian Development Outlook report said a decline has been noticed in the growth of Pakistan in the current fiscal. Investment has declined due to indecision, financial and outer disbalance.

Attempts to adjust the financial balance will affect domestic demand. A decline in demand will slow down the manufacturing sector. But the agriculture sector will see good growth because of the government's initiative, the report said.

The ADB said that Pakistan's growth will remain the lowest in South Asia in the current fiscal year below Afghanistan (3.4 per cent), Sri Lanka (3.5), Bhutan (6), Maldives and Nepal (both 6.3), India (7.2) and Bangladesh (8 per cent).

In 2019, the Pakistani rupee's value declined up to 24 per cent against the dollar. Inflation was at 7.3 per cent which was 3.9 per cent in 2018.IANS