Source: International Herald Tribune

KARACHI, Pakistan: Pakistan’s national bank has cut its forecast for the country’s economic growth this fiscal year to 6.0-6.5 percent.

The State Bank of Pakistan said Monday it was revising its forecast for the year ending June 30 in the light of “domestic turbulence and external shocks.”

The bank predicted growth of 7.2 percent at the start of the fiscal year.

The bank forecast in its most recent quarterly report that this year’s inflation rate would be between 8 percent and 9 percent.

A new government now taking office in Pakistan is scrambling to protect its fast-growing economy from rising prices and widening budget and trade deficits.

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Tags: growth, Inflation, National Bank, Pakistan, Policies, Prices, State Bank