ISLAMABAD: Federal government likely to revise gross domestic product (GDP) targets due to devastating floods in country.
Sources said that GDP growth will remain about 2.3% during the fiscal year 2022–23 (FY23). The International Monetary Fund (IMF) predicted 3.5% of GDP. in recent report.
Sources said the floods had severely affected the agricultural sector. in Sindh, Balochistan and Khyber Pakhtunkhwa (KP). Consequently, growth in the agricultural sector is expected to slow down by 0.7% compared to the planned indicator of 3.9% during current fiscal.
growth in industrial sector also supposed to come down by 1.9% of the planned of 5.9 pieces while post-flood growth of the service sector is estimated at 3.5% against goal of 5.1% in FY23.
Sources said that 37 pcs. of countries population hit by recent floods leading to unprecedented growth in poverty and unemployment, which can eventually push poverty rate from 21% to 36%, while inflation rate could reach 30% within fiscal year 23.