Top Posts
African climate change projects secure major funding
Former French PM urges China, Europe to unite...
NDDC, FOSDO launch tree-planting campaign to address climate...
WHO unveils an ambitious blueprint for action on...
New report shows nearly 900 million poor people...
Lagos to Host 2025 International Climate Change Summit
New study shows overheating world will add 57...
NAICOM urges W’African insurers to invest in climate...
Climate change: Nigeria, development partners launch Net Zero...
Nigeria launches net zero project to fight climate...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

Flood damage, disruption to impede GDP growth

by Matthew Atungwu December 15, 2022
written by Matthew Atungwu December 15, 2022
669

The Asian Development Bank has said that Pakistan’s economy is already battling to reestablish macroeconomic and fiscal stability as its forecast for the fiscal year that ends in June 2023 has worsened due to significant flooding.

In addition to tight monetary policy, high inflation, and an unfavourable global environment, the ADB reports that the disruption and destruction caused by the flood are anticipated to hinder real GDP growth.

According to the research, Pakistan’s economy has already been hampered by stabilization attempts to address significant fiscal and external imbalances as well as double-digit inflation. Now, devastating floods have added to that burden.

The upcoming agricultural season is also threatened by flood damage because wheat is typically grown starting in mid-October. Additionally, it is anticipated that the floods will have an impact on services, particularly transportation and wholesale trade, as well as on industry, particularly textiles and food processing. According to the research, floods have a negative impact on essential crops including cotton, rice, and others.

Read also: USAID provides $2.5 million aid for devastating flooding in Chad

According to the ADB assessment, Pakistan is expected to experience temporary food shortages and price increases in the fiscal year 2023 as a result of a weaker currency, increased domestic energy prices, crop and livestock losses and supply disruption due to floods.

Transportation issues have made these shortages worse, thrown off other domestic supply chains, increased inflationary pressures, and complicated production.

The prediction for South Asia’s inflation is raised slightly for 2022 from 8.1% to 8.2% and more significantly for 2023 from 7.4% to 7.9%. Higher inflation predictions for Bangladesh, Nepal, Pakistan, and Sri Lanka are mostly reflected in the sub-regional revision for 2023.

For the rest of the sub-region, inflation predictions for 2023 are unchanged. India’s inflation is still anticipated to increase to 6.7 per cent in the fiscal year 2022.

According to the report, South Asia is on track to meet the growth forecast of 6.5pc in 2022, but the forecast for 2023 is downgraded slightly from 6.5pc to 6.3pc. The sub-regional revision for 2023 largely reflects lower forecasts for Bangladesh and Pakistan.

This story was adapted from DAWN.

DamageFloodGDPGrowth
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
USAID provides $2.5 million aid for devastating flooding in Chad
next post
HSBC announces plan to stop funding new oil and gas

Related Posts

Former French PM urges China, Europe to unite...

October 22, 2025

WHO unveils an ambitious blueprint for action on...

October 20, 2025

New report shows nearly 900 million poor people...

October 20, 2025

New study shows overheating world will add 57...

October 16, 2025

Heaviest monsoon in a decade kills 458 people...

October 9, 2025

Council releases first fully electric bin lorry

October 9, 2025

Study shows US asthma inhalers produce same emissions...

October 7, 2025

Pope Leo hits out at climate change critics

October 3, 2025

Protesters seek $5tr payment from fossil fuel companies

October 1, 2025

UN official says climate change displaces up to...

September 30, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World