Pakistan’s economic growth likely to slow down to 4.8%
By Shahbaz Rana Published: September 27, 2018 13 SHARES SHARE TWEET EMAIL It cautioned that the key challenges are to adopt right reforms and achieve a good outcome to sustain public support. PHOTO: FILE ISLAMABAD: The Asian Development Bank (ADB) has cut its economic growth forecast for Pakistan to only 4.8% and increased the inflation estimate to 6.5% while urging the new government to take immediate corrective measures to take pressure off the budget and external account. In its flagship Asian Development Outlook Update, the Manila-based lending agency also increased Pakistan’s current account deficit projection from 4.5% to 5% of gross domestic product (GDP). The ADB’s assessment points to the emergence of stagflation that the country had left behind five years ago. The lender expected a further increase in interest rate and currency depreciation. The ADB released its fresh assessment on the eve of a staff-level visit of the International Monetary Fu...
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