Floods could increase trade deficit by up to $4 billion
Most of the economic loss estimates are based on data as of September 5 provided by the National Disaster Management Authority, but the numbers are still subject to revision. “We have updated our earlier estimates of economic losses from $15 billion to $20 billion in light of the new information,” said Ayesha Pasha, Minister of State for Finance, who led the exercise. The report also showed that the flood could widen the trade deficit to $4 billion and the additional impact on the current account deficit is also estimated to be between $4 billion and $5 billion.
Pakistan is a victim of global warming, although its contribution is less than 1 percent. The report further states that 90 lakh to 1.2 crore more people will fall below the poverty line and 10 lakh to 20 lakh people have lost their jobs. As reported by The Express Tribune, it states that 77.7 percent of informal labor in rural areas is women, with six out of 10 young women concentrated in the agriculture sector.