ADB Projects pakistan economy to growth to 2 percent in fiscal year 2020/21.

ISLAMABAD -- The Asian Development Bank has projected Pakistan's economy, which is expected to contract by 0.4 percent in FY2020 (ending June 30 2020) as the COVID-19 outbreak further restricted economic activity, would regain some pace and grow at 2 percent in the upcoming fiscal year 2020-21.

'Pakistan's economy was on the path to recovery before COVID-19, and once the COVID-19 impact subsides, Pakistan will resume its efforts to address macroeconomic imbalances and initiate structural reform, likely holding economic growth to a projected 2.0% in FY2021,' the ADB said in a regular supplement to its annual flagship economic publication, the Asian Development Outlook (ADO) 2020 released in April.

The supplement added that India's economy is forecast to contract by 4.0% in fiscal year (FY) 2020, ending on March 31 2021, before growing 5.0% in FY2021.

With respect to inflation rate, the ADB supplement suggested that inflation...