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Flood losses likely to cut Pak GDP to 3% from 5%


ISLAMABAD: Catastrophic monsoon rains and floods in PakistanThe war in Ukraine and other factors could force the country to cut its GDP growth rate for fiscal year 2022-2023 from 5% to 3%, media reported on Saturday.
president of National Flood Coordination and Response CenterBrigadier Zafar Iqbalin the joint briefing for PM Shehbaz Sharif and UN Secretary-General Antonio Guterressaid that at least a third of Pakistan’s area was flooded while the overall damage amounted to more than 30 billion USD. Pakistan’s state news agency Associated Press quoted Iqbal in saying that Pakistan is expected to cut 2% of its Gross Domestic Product growth figure due to a combination of crises, mainly floods, delays in approving IMF funds and economic model that emerged after the Russo-Ukrainian war. .
Meanwhile, the National Disaster Management Authority (NDMA) reported that the death toll from the deadly flood had reached 1,396. Guterresis is also expected to visit flooded areas in Sindh and Balochistan provinces to review ongoing rescue and relief efforts and damage caused by natural disasters.





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