UN: Pakistan GDP growth to fall behind Nepal, Maldives in 2019

The United Nations survey titled ‘the ambitious behind growth’ report stated that the Asian GDP throughout 2019 and 2020 will remain lowest in the region.

In 2019 it will be at 4.2% and in 2020 it will be 4%. That is lowest in comparison to 7.3% GDP of Bangladesh, 7.5% GDP of India, and 6.5% GDP of Maldives and Nepal in 2019 respectively.

Also read: Pakistan’s Debt-to-GDP Ratio is All Time High in The Last 15 Years

The main reasons behind such drastic economic downfall of Pakistan are the huge deficiency of payments that is also putting enormous pressure on their currency already pressurizing domestic society through inflation and taxation.

Though the report expected the inflation may rise up to 4.2% in the whole Asian Pacific region but Pakistan, in particular, being already under economic pressure is to suffer more.

The report also emphasized on the industrialization and development at the cost of environmental stability and expressed concern for further environmental degradation.

The survey revealed that the medium-to-long term prospects of the region would depend upon the structural transformation and broad-based productivity development. The report cautions against nations that are shifting to a services dominant economy from an agriculture-based economy.

The scope for industrialization would be reduced due to the new frontier technologies in the developing countries. The survey suggests that high-value-added services requires skilled employees which calls for investment in the people.

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