Pakistan becomes sixth most expensive country in world

Pakistan has become the world’s sixth most expensive country with 38% inflation, according to the World Statistic index.

Pakistan’s economy is facing many challenges including high inflation, and a foreign exchange crisis.

The economic growth rate this year is likely to be only 0.3% but Pakistan can bounce back through economic and structural reforms. If the IMF program remains on track, the fiscal deficit is expected to decrease.

Inflation rate:

Venezuela 🇻🇪 436%
Lebanon 🇱🇧 269%
Syria 🇸🇾 139%
Argentina 🇦🇷 114%
Turkey 🇹🇷 39.59%
Pakistan 🇵🇰 38%
Egypt 🇪🇬 32.7%
Nigeria 🇳🇬 22.4%
Ukraine 🇺🇦 15.3%
Poland 🇵🇱 13%
Sweden 🇸🇪 10.7%
Austria 🇦🇹 9%
UK 🇬🇧 8.7%
Kenya 🇰🇪 8%
Italy 🇮🇹 7.6%
Australia 🇦🇺 7%
South Africa 🇿🇦…

— World of Statistics (@stats_feed) June 16, 2023

Pakistan’s inflation rate has crossed an alarming 38% while Venezuela scored number one in the world with 436% inflation due to the sanctions imposed by the US.

Pakistan’s average rate of inflation this year will be 27.5%. Industrial production will remain low due to strict monetary, and fiscal policy and the high cost of electricity and oil, while cooperation for economic recovery and development projects will continue.

Lebanon was the second most expensive country on the list with an inflation of a staggering 269% and Syria at third number with 139% of inflation.

The organisation recorded the rate of inflation in Saudi Arabia at 2.8%, the UK 8.7% and India 4.24%.

The statistic reported that the purchasing power of Afghani people had increased by one percent after the last government took over the reins of the country.

“Inflation is recorded at 4% in the US,” the organization added.

In Asia, Sri Lanka is ranked second with 24.4% while Afghanistan is ranked third with 13.8%. Bangladesh ranks fourth among eight South Asian countries with 8.7%. Apart from this, the inflation rate in India this year is likely to be five percent.