Pakistani economy at risk due to flood

Aasma Zulfiqar Syed

In the current financial year 2022-23, Pakistani economy is at risk due to flood, where millions of people engaged in battle for survival.

After one-third of the country was pushed under water, Pakistani economic growth rate is expected to be 3.5% and the inflation rate is 18%. The prices of agricultural commodities will increase next year, and the growth of services and retail sectors will also be affected.

The loss of at least 10 billion dollars to the country’s economy due to Pakistani officials have initially estimated that the severe flooding has cost the country’s stressed economy at least $10 billion.

According to the Asian Development Bank, the recent worst floods, strict measures to balance financial and external payments will reduce the economic growth rate, the prices of agricultural commodities will increase next year, which will also have an impact on the growth of the services and retail sector.

Severe floods cause losses of $10 billion to Pakistan’s economy 

The Asian Development Bank said, the economic growth rate for the financial year 2021-22 was 6%.

In the financial year 2022, due to the increase in local consumption, significant growth in the production of agriculture, services and major industries, a 6% increase in GDP was possible. Pakistan’s GDP growth forecast has been kept low due to inflation and tight monetary and fiscal policy.

Pakistan needs the world’s help: Joe Biden

Meanwhile, US President Joe Biden Addressing the United Nations General Assembly session said that a large part of Pakistan is under water due to floods, Pakistan needs the world’s help at this time.

The US President said that humanity is paying the price of environmental change.

He said that there is a need to take measures to improve the economy, there are threats to food security at the global level due to the war with Russia.

Angelina Jolie: never saw such destruction in her life

On the other hand, Hollywood actress and United Nations Special Ambassador Angelina Jolie, who came to Pakistan to help the flood victims, has decided to focus the world’s attention on the flood disasters in Pakistan.

Angelina Jolie said that the world has no idea of the destruction that has happened. If help does not arrive in the coming weeks, the survivors will not be able to survive.

Angelina Jolie said that many children are also included among these people suffering from the struggle of life and death. She had never seen such destruction anywhere in her life. The victims are in urgent need of food, shelter and medical facilities.

Angelina Jolie asked the international community to do more to help the Pakistani flood victims, saying that the world should wake up to the situation in Pakistan. This is a life and death issue for many people.

Hina Rabbani Khar talks about global fund

Minister of State for External Affairs Hina Rabbani Khar in a conversation with in New York has said that there should be a global fund that can help countries like Pakistan that are suffering from environmental disasters.

She said that the meeting with world leaders at various forums for the rehabilitation of flood victims was positive.

Foreign Minister Bilawal Bhutto Zardari has said that we do not beg, we want justice from the international community, flood is a global disaster and it should be recognized at the global level, at this time we are in the relief and rescue phase, after which we will enter in the reconstruction phase.

Pakistan currently needs $30 billion in aid. Neighboring India failed to offer us support.

Over Rs 23 billion distributed among 946,813 flood-affected families: Shazia Marri