Islamabad, Pakistan – Predicting a difficult year ahead for Pakistan, the World Bank has revised the country’s growth projections from 4 percent in June last year to 2 percent for the current fiscal year, citing “precarious economic situation, low foreign exchange reserves and large fiscal and current account deficits” among the primary reasons.
The bank, in its Global Economic Prospects report released on Tuesday, said last year’s catastrophic floods worsened the country’s economy, mainly causing significant damage to agricultural production, which accounts for 23 percent of Pakistan’s gross domestic product (GDP) and provides employment to 37 percent of its working population.
