More than 1,100 people have died in Pakistan as a result of massive flash floods brought on by historic monsoon rains that devastated bridges, crops, roads, and infrastructure. Pakistan’s central bank had issued a warning that the recent heavy rains presented a threat to the nation’s economic output due to their effects on the agriculture sector. The flood damage may exceed $10 billion, according to an early and tentative estimate given by government officials. The monsoon floods occur as Pakistan struggles with a protracted economic crisis, with rising inflation driving up the cost of basic foods. In Pakistan, flooded agricultural land is expected to have long-term…
Author: Shakil Ahmad
In February 2022, Russia launched a full-scale military strike against Ukraine. War is claiming enormous sacrifices in human life and is likely to have a long-term impact on world trade, especially in energy and commodity markets. Rising tensions between Russia and Ukraine are having serious economic consequences, which have already manifested themselves in Pakistan. Local prices for gasoline, food, raw materials, steel and semiconductor chips are showing significant increases. This will not bode well for Pakistan which is already suffering from high inflation and low economic growth, and political instability. The energy sector is also facing the consequences of this…