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World Bank cuts Pakistan’s GDP growth forecast to 2pc as economic crisis worsens

10:14 AM | 11 Jan, 2023
World Bank cuts Pakistan’s GDP growth forecast to 2pc as economic crisis worsens
Source: File Photo

ISLAMABAD – The World Bank has slashed its outlook for Pakistan’s economic growth by half for the current fiscal year in wake of the dilapidating economy in the South Asian country.

As per the World Bank’s latest forecast, the real Gross Domestic Product (GDP) of cash strapped country is likely to grow at 2.0 percent in FY23 as global growth is also expected to slow amid soaring inflation, rising interest rates, and the Russia-Ukraine war.

It projected that the fifth most populous nation is facing mammoth economic challenges, revealing that improvements in living standards over the half-decade to 2024 are expected to be slower than from 2010-19.

WB said Islamabad’s economic output not only declined but also brought down the regional growth rate.

It pointed out policy uncertainty that complicates the ‘economic outlook’, other than the massive floods and sharp increase in poverty. It said around one-third of the country’s land area was damaged after deluges.

Floods badly damage agricultural production, which accounts for 23pc of GDP and 37pc of employment, forcing more than 5 million into poverty, the report further mentioned.

The WB makes projections as Pakistan is facing the lowest foreign exchange reserves in almost a decade while the Pakistani rupee depreciates by 14 percent, and inflation skyrocketed to 24.5pc last month.

Daily Pakistan Global Web Desk

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 2 March 2024

Pakistani rupee remains largely stable against USD and other currencies in the open market on March 2, 2024 (Saturday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.

Euro currently stands at 302.5 for buying and 305.5 for selling while British Pound rate stands at 354 for buying, and 359 for selling.

UAE Dirham AED hovers at 76.3 whereas the Saudi Riyal saw slight increase, with new rates at 74.5.

Today’s currency exchange rates in Pakistan – March 2, 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.4 282.3
Euro EUR 302.5 305.5
UK Pound Sterling GBP 354 359
U.A.E Dirham AED 76.3 77
Saudi Riyal SAR 74.5 75.3
Australian Dollar AUD 181 183
Bahrain Dinar BHD 737.97 745.97
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.23 40.63
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 901.62 910.62
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 168.97 170.97
Norwegians Krone NOK 26.54 26.84
Omani Riyal OMR 725.68 733.68
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 27.13 27.43
Swedish Korona SEK 314.07 316.57
Swiss Franc CHF 314.07 316.57
Thai Bhat THB 7.74 7.89

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