UN predicts situation in Pakistan to improve by 2025 – Business & Economy

The United Nations has predicted in one of its surveys that the rate of inflation in Pakistan will decrease by 2025 to about the level it was in 2022, while the rate of gross domestic product (GDP) will also increase. will reach 2.3 percent.

The survey said Pakistan’s economy was hit by political turmoil that had negative effects on businesses and consumers, while a major flood also damaged agricultural production. Political instability was also blamed for inflation in the survey. Apart from this, political instability has also been cited as the reason for the fall in the value of the currency.

The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) has released this survey on Thursday.

According to a United Nations survey, Pakistanis are forced to spend 40 percent of their household budget on food. In India this rate is 35% and in Singapore it is less than 10%. However, people in Bangladesh spend 52% of their household budget on food.

The survey said that the currency of many countries in the region, including Pakistan, depreciated in 2023. The United Nations has also blamed political instability for the currency devaluation in Pakistan. On the contrary, in the People’s Republic of Laos, inflation has been blamed for the devaluation of the currency.

The United Nations said that the real income of people in Pakistan decreased in 2023 compared to 2022 due to inflation and currency depreciation.

Regarding the future, the survey said that the GDP rate in Pakistan was 4.7 percent in 2022, which is only 1.7 percent in 2023 and is likely to increase to 2 percent in 2024, while the GDP rate in 2025 is 2.3 percent. The percentage will be

Similarly, the inflation rate was 12.1 percent in 2022, which increased to 29.1 percent in 2023 and is likely to decrease to 26 percent in 2024, while it will again reach 12.2 percent in 2025.

It should be remembered that earlier the World Bank had also released a survey regarding the Pakistani economy in which the inflation rate was predicted to be 15 percent and GDP 2.2 percent in 2025.

The United Nations said in its survey that both Sri Lanka and Pakistan are improving their economies through IMF programs. In Sri Lanka, this is being done through local debt restructuring, while in Pakistan, subsidies in the energy sector are being reduced.