Pakistan's growth rate likely to be 2.5pc this year: ADB

Islamabad: The Asian Development Bank (ADB) has expressed concern that Pakistan’s economic growth target for the current fiscal year will not be achieved and has estimated that Pakistan’s economic growth rate is likely to be 2.5 percent.

The Asian Development Bank has released a Development Outlook Report in which it has been estimated that Pakistan’s economic growth target for the current fiscal year will not be achieved.

According to the ADB, Pakistan’s economic growth rate for the current fiscal year is likely to be 2.5 percent. Earlier, it had estimated Pakistan’s economic growth rate at 3 percent, while the federal government has set the economic growth target at 3.6 percent.

According to the report, the ADB further reduced the inflation estimate for Pakistan for the current fiscal year. Pakistan’s average inflation is likely to be 6 percent this fiscal year.

It is pertinent to note that earlier, the ADB had estimated Pakistan's inflation at 10 percent, while the federal government has set an inflation target of 12 percent for the current fiscal year.

According to the ADB report, average inflation in Pakistan is likely to further decline to 5.8 percent in the next fiscal year, while Pakistan's economic growth rate is estimated to be 3 percent in the next fiscal year.