Pakistan Finance Minister Miftah Ismail expects the economy to grow more than 3.5% for the fiscal year that started in July, Bloomberg News reported on Saturday.
Ismail predicted inflation, running at the highest in 47 years and the second-highest in Asia, was close to its peak and would average 15% for the year, the report said.
Curbs on luxury items may remain in place for longer than currently anticipated, Ismail was quoted as saying.
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Average inflation in Pakistan to be 19.9% in fiscal year 2022-23, it projected. The multilateral lender also projected Pakistan’s real GDP growth at 3.5% in FY23.
Floods have ravaged over a third of Pakistan’s districts, and many experts believe the effects would be felt in coming weeks through higher inflation and lower economic growth.
