Flood crisis to hit GDP growth projection
Pakistan expects to cut its Gross Domestic Product (GDP) growth projection for the financial year 2022-2023 from five per cent to three per cent due to losses from the catastrophic monsoon rains and floods, Planning Minister Ahsan Iqbal said on Friday.
His warning came as the National Disaster Management Authority (NDMA) reported that the death toll from the deadly floods had climbed to 1,396, while the total number of injured stood over 12,700.
According to NDMA’s latest situation report, the cumulative number of homes damaged by flooding — either partially or fully — was over 1.7 million, while over 6,600kms of roads and 269 bridges had been damaged.
Mr. Iqbal, who is also chairman of the National Flood Response and Coordination Centre (NFRCC), was speaking during the joint briefing for PM Shehbaz Sharif and UN Secretary-General Antonio Guterres.
NFRCC Coordinator Maj Gen Zafar Iqbal, in his briefing, said that at least one-third of Pakistan was inundated. He also estimated that overall damages would amount to over $30 billion.
NDMA data indicates that a total of 81 districts (32 in Balochistan, 23 in Sindh, and 17 in KP) remained categorized as ‘calamity-hit’.
The minister said that while the 2010s ‘super floods’ had affected around 20 million, the impact of the current flash floods had been felt by more than 33 million people across the country, of which over 0.6 million were housed in relief camps.
Hill torrents proved to be a challenge amid a lack of efficient infrastructure to deal with the disaster, which resulted in heavy losses to human life, infrastructure, livestock, and crops.
The APP news agency quoted Mr. Iqbal as saying that Pakistan expected a two per cent cut in the GDP growth figure due to a combination of crises, chief among which were the floods, the delayed approval of IMF funds, and the economic situation emerging in the wake of the Russia-Ukraine war.
The NFRCC official said that coordinated efforts among civil government, military, and NGOs including the UN aid bodies were in full swing, adding that an assessment survey on relief operations in the provinces would start by Monday.
The catastrophic floods in Pakistan resulted in the loss of lives. Inflation is projected to go up to the range of 24 per cent to 27 per cent and will touch 30 per cent for the current fiscal year.
The estimated economic loss to Pakistan from floods has increased from USD 10 billion to USD 12.5 billion. The catastrophic floods in Pakistan resulted in the loss of lives. Inflation is projected to go up to the range of 24 per cent to 27 per cent and will touch 30 per cent for the current fiscal year,
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