Floods in Pakistan cause 12.5 billion dollars in losses

Islamabad, Sep 4 (Prensa Latina) The catastrophic floods in Pakistan caused economic damage of up to 12.5 billion dollars, in addition to the loss of human lives, according to government estimates published by the Geo News portal.

September 4, 2022
10:27

Poverty and unemployment multiplied in the country, rising from 21.9 to more than 36 percent, according to a committee made up of the Finance and Planning ministries, the State Bank of Pakistan and other institutions.

About 37 percent of the Pakistani population is affected by poverty after 118 districts of the country were devastated by floods.

The State Bank of Pakistan said that the growth of the Gross Domestic Product (GDP) will slow to 2.0 percent for the current fiscal year.

Agriculture also suffered a very severe impact after the floods and an initial assessment shows that growth will drop down to 2.0 percent of GDP, while the services sector will experience a descent to 3.1 percent.

The last flood in Pakistan in 2010 caused damage in 78 districts of the country, but the recent ones affected 118 of those regions, including the main centers of economic activities.

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