The Asian Development Bank (ADB) has stated that Pakistan’s domestic inflation is expected to rise due to changes in energy tariffs and rising commodity prices both locally and internationally.
“The Inflation outlook largely reflects higher expectations for Pakistan, where energy tariff adjustments and higher commodity prices are expected to put upward pressure on domestic prices,” according to the latest ADB estimates, which is presented in the Asia Development Outlook (ADO) 2021. According to the Asian Development Bank, cotton and sugarcane production in Pakistan has increased due to favorable weather, while services have been restored thanks to business continuity measures that have recovered from the March 2020 pandemic.
The Asian Development Bank also cut its growth forecast for Asia to 7% this year and 5.3% next year after a new corona viral disease (COVID-19) outbreak slowed growth in the third quarter.
ADB’s latest estimates, presented in a regular update of the Asian Development Outlook (ADO) for 2021, compare to the bank’s September forecast of 7.1% growth in 2021 and 5.4% in 2022.
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