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The catastrophic floods in Pakistan have caused economic damages from $10 billion to $12.5 billion apart from the loss of lives as estimated by the government, projecting a rise in inflation in the range of 24-27% on touch 30% for the current fiscal year.
A high-profile committee with representation from the Ministry of Finance, Ministry of Planning, State Bank of Pakistan, FBR, PIDE and others evaluated that poverty and unemployment have gone up manifold, rising from 21.9% to over 36%.
Some 37% of the population has been hit by poverty after 118 districts of the country were ravaged by severe flooding.
Unemployment has gone up significantly but the government has decided to share any number after holding consultations with relevant stakeholders. The unemployment rate stood at 6% before the recent severe floods. Official sources said that the GDP growth would be reduced from 5%to 2% for the current fiscal. The State Bank of Pakistan revealed that growth would be reduced from 4% to 4.5% to 2% for the current fiscal, The News reported.
