ISLAMABAD: The World Bank has revised its projection of the GDP growth of Pakistan, stating that the country is expected to grow at 2 per cent against the 4pc predicted in June last year. The revision in forecast has been attributed to overall slowdown and the horrific floods in the country.
It is also pertinent to mention here that the World Bank has brought down the projected global growth rate to 1.7pc against the 3pc it had predicted previously. The global lending body argues that the slow growth rate has been compounded by increasing interest rates, uncontrollable inflation and the Russia-Ukraine war.
It has also noted that the deteriorating economic conditions have given rise to poverty in Pakistan. The country faces a myriad of challenges both at political and economical levels. It is yet to see how the country responds to the challenges that face it.