Bloomberg News

Pakistan’s Floods to Curb Economic Growth, Finance Official Says

October 19, 2011

Oct. 19 (Bloomberg) -- Pakistan’s economy may expand slower than forecast after floods devastated the nation’s southern region, a finance ministry official said.

The economic growth rate may be 0.5 percentage point lower than the government target of 4.2 percent according to initial estimates, the official, who was speaking to reporters in a background briefing, said in Islamabad today.

Policy makers in Pakistan aim to boost economic growth from 2.4 percent last year, one of the lowest expansions in the past decade. Floods in August forced more than one million people from their homes and damaged crops in the southern Sindh province that was still recovering from last year’s worst ever monsoon inundations.

--Editors: Naween A. Mangi, David Merritt

To contact the reporter on this story: Haris Anwar in Islamabad, Pakistan at hanwar2@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net.


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