At most 40% Of Pakistan’s Populace Affected By Poverty As A Result Of Terrible Floods

According to government estimates, Pakistan’s devastating floods have cost the country between $10 billion and $12.5 billion in economic losses in addition to the lives lost. For the current fiscal year, the government predicts an increase in inflation of between 24 and 30%.

A prominent committee that included representatives from the ministries of finance, planning, the state bank of Pakistan, the FBR, PIDE, and other organizations determined that unemployment and poverty have increased significantly, going from 21.9% to more than 36%.
Following the devastation caused by catastrophic flooding in 118 districts across the nation, 37% of the population is now considered to be living in poverty, according to Geo News.

Although there has been a large increase in unemployment, the administration has opted to publish any figures after consulting with the appropriate parties. Before the recent devastating floods, the jobless rate was 6%.

According to official sources, the GDP growth for the current fiscal year will be lowered from 5% to 2%. According to The News, the State Bank of Pakistan announced that growth would be lowered from 4% to 4.5% to 2% for the current fiscal year.
Following the floods, agriculture growth was severely impacted, and the value addition of agro growth in the range of about Rs500 billion (R108 billion) may have been lost for the current fiscal year. Impacts were severe for the services sector and the objective for agricultural expansion.

On the eve of the budget year 2022–23, the predicted GDP growth for the nation will have fallen by 3% and be hanging around 2% of GDP rather than the originally anticipated growth rate objective of 5%.

Since the SBP’s model is expected to calculate losses based on the disrupted economic activity that hit all districts and tehsils in the flood-affected areas, the acute losses on the economic front may get worse. Using SBP
The SBP’s algorithm is expected to determine losses based on disrupted economic operations struck in all districts and tehsils in the flood-affected areas, which might make the already severe economic losses worse. The SBP has been evaluating the precise losses experienced by the agricultural sector using satellite imagery from SUPARCO. In order to determine the entire accumulated losses to agriculture and physical infrastructure, Google has also volunteered its services to the government.
The country’s most recent flood, which occurred in 2010, had damages in 78 districts, but the recent floods’ fury could be judged by the fact that it had affected 118 districts of those areas, which are important centers of economic activity.