Pakistan's GDP to Grow at 2 0% in FY23, Says World Bank

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The World Bank predicts that Pakistan's real Gross Domestic Product (GDP) will grow at 2.0% in the fiscal year 2022-23 (FY23).

However, the report warns of a "sharp, long-lasting slowdown" with global growth expected to slow to 1.7%, which is roughly half of the pace predicted in June 2022.

The report cites high inflation and rising interest rates as reasons for the slowdown in growth. The situation in Pakistan is further exacerbated by low foreign exchange reserves, large fiscal and current account deficits, and the recent severe flooding.