This Asian country is number one in inflation, 25 percent inflation rate

Pakistan has the highest cost of living in all of Asia with a 25 percent inflation rate and its economy could grow at the fourth-lowest pace in the region at 1.9 percent, according to a new report by the Asian Development Bank (ADB). The report was released in Manila on Thursday. The Asian Development Outlook also paints a gloomy picture for the next fiscal year, with a 15 percent inflation rate forecast for the next fiscal year, which is again the highest among 46 countries and 2.8 percent, the Express Tribune reported. The growth rate is.

The Manila-based credit agency said the inflation rate in Pakistan is expected to be 25 percent in the current fiscal year – the highest in all of Asia. This makes Pakistan the most expensive country in Asia. Previously, the cost of living in Pakistan used to be the highest in South Asia. The State Bank of Pakistan (SBP) and the federal government had set the inflation target for this fiscal year at 21 percent but they are going to miss it despite incurring huge losses in the form of 22 percent interest rate.

ADB said that the country’s economic growth rate during the current financial year could be 1.9 percent, which is the fourth lowest rate after Myanmar, Azerbaijan and Nauru. Pakistan has been in the midst of a prolonged stagflation and the World Bank last week said any adverse shock could push another 10 million people into poverty. About 98 million people in Pakistan are already living a life of poverty.