The economy of Pakistan may grow at a 2% pace in the present fiscal year. This would be the fifth-lowest pace amongst the South Asian countries. Also, Pakistan is at almost the bottom of the global Wellness Index. This is as per an Asian Development Bank (ADB) new report.
The Asian Development Outlook revealed that Maldives that was worst affected due to COVID-19 might grow at the fastest 10.5% pace amongst the 8 South Asian countries.
In 2020-21, India was the second-worst affected nation economically by COVID-19. It is expected that in 2021-21, India would grow at 8% rate, followed by Bangladesh with 6.8% growth, and Sri Lanka with 4.1% growth.
ADB’s flagship publication said, “(Pakistan’s) Growth is forecast to recover in the fiscal year 2020-21 as economic sentiment improves with the expected subsiding of Covid-19 and the resumption of structural reform.”
On the global Wellness Index Pakistan just got 27.24 marks. Amongst 153 countries, Pakistan stood at 149th position. The only nations that stood worse than Pakistan were the Central African Republic, Chad, Nigeria, and Afghanistan.
In contrast to the claim by the government that the economy of Pakistan is recovering, ADB’s projections claim otherwise. Bhutan, Afghanistan, and Nepal are the only three countries that would grow at a slower rate in comparison to Pakistan.