Floods weigh down Pakistan’s economic outlook for FY23: ADB

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The Asian Development Bank said on Wednesday that Pakistan’s economic outlook for the fiscal year ending in June 2023 has “deteriorated under heavy flooding” while the “economy was already struggling to regain macroeconomic and fiscal stability”.

In the supplement report titled ‘Asian Development Outlook 2022 Supplement’, ADB said flood disruption and damage in the country are “expected to slow real Gross Domestic Product growth in combination with a tight monetary stance, high inflation, and an un-conducive global environment”.

The report said catastrophic floods this year have “dampened economic activity” in Pakistan, which was already affected by “stabilisation efforts to tackle sizeable fiscal and external imbalances and double-digit inflation”.