Pakistan’s economy will grow by 2 percent in 2021: ADB
The Asian Development Bank (ADB) in its new report has projected 2 percent Gross domestic product (GDP) growth for Pakistan in the year 2021.
According to the details, the Manila based financial institution released Asian Development Outlook (ADO) 2021 in which it has projected 2 percent Gross domestic product (GDP) growth for Pakistan in current year. Whereas the growth rate is expected to be 4 percent in the year 2022.
According to ADB, the inflation rate in Pakistan is expected to be 837 percent in the year 2021, whereas the inflation rate for the year 2022 is expected to be 7.5 percent.
As per the report, the economic growth in developing Asia is set to rebound to 7.3% this year, supported by a healthy global recovery and early progress on coronavirus disease (COVID-19) vaccines.
The projected resurgence follows a 0.2% contraction last year, according to ADB’s flagship economic publication. The region’s growth is forecast to moderate to 5.3% in 2022. Excluding the newly industrialized economies of Hong Kong, China; the Republic of Korea; Singapore; and Taipei,China, developing Asia’s economic activity is expected to grow 7.7% this year and 5.6% in 2022.
ADB Chief Economist Yasuyuki Sawada said that, “Growth is gaining momentum across developing Asia, but renewed COVID-19 outbreaks pose a threat to recovery.”
“Economies in the region are on diverging paths. Their trajectories are shaped by the extent of domestic outbreaks, the pace of their vaccine rollouts, and how much they are benefiting from the global recovery.” He said.
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