Pak economy named South Asia’s weakest economy by World Bank

As the Pakistan economy continues to face severe headwinds, a World Bank report says Pakistan’s economy is South Asia’s weakest. According to the World Bank’s Global Economic Prospects report Pakistan’s economic growth is expected to slow further to two percent during the current year. It also adds that the deteriorating economic conditions in Pakistan will bring down growth in the region as well, as reported by Islam Khabar. Political instability and unprecedented floods have further deteriorated the economic situation. The forex reserves have hit a new low and are enough only to pay for foreign import bills for three weeks. Meanwhile, its Prime Minister Shehbaz Sharif has been reaching out to friendly nations seeking financial assistance. Pakistan has sought $4 billion financial aid from UAE and Saudi Arabia.

 

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