Islamabad: The Asian Development Bank (ADB) has predicted a nominal economic recovery of 2% during Fiscal Year (FY) 2020-21 in light of the ongoing coronavirus pandemic — a news source reported. Pakistan’s economy had contracted 0.4% during FY2019-20.
Moreover, as per an ADB supplement titled the Asian Development Outlook 2020, it was further predicted that Pakistan’s inflation rate would remain 11% during the current fiscal year — with the rate expected to fall to 8% during FY2020-21.
The report additionally notes that Pakistan was on the path to recovery before the coronavirus pandemic hit, and once the virus’s impact has dissipated, the country will address its macroeconomic imbalances and introduce appropriate reforms once again. At the same time, a 2% economic growth is also expected soon.
ADB also notes that South Asia’s economy, in general, will contract by 3% during 2020. India’s economy is expected to contract by 4% during this period; however, is expected to grow 5% in 2021.
