ISLAMABAD: Asia Development Bank (ADB) has expressed commitment to continue to support Pakistan’s economic recovery and development plans. After issuing a flagship economic report titled Asian Development Outlook April 2023, the Country Director ADB Yong Ye said Pakistan’s economy has the potential to bounce back with robust macroeconomic and structural reforms.

He said Pakistan faces strong headwinds while last year’s catastrophic floods also exacerbated the economic and financial challenges, according to a Radio Pakistan’s report. The ADP report has forecast Pakistan’s economic growth to slow in FY2023 in the wake of last year’s devastating floods, increasing inflation, a current account deficit, and an ongoing foreign exchange crisis.

ADO April 2023 noted that climate change poses a grave challenge to Pakistan’s economic, social, and environmental development. According to the Global Climate Risk Index, the country has ranked among the 10 most vulnerable nations worldwide in the past two decades.