Pakistan Says Floods Will Spur ‘Massive’ Job Losses
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Pakistan’s unprecedented floods threaten to hobble the economy with a surge in unemployment, a spike in inflation and billions of dollars in crippled infrastructure, the country’s prime minister said.
“There will be massive job losses, serious social implications and a snowball effect on manufacturing and services,” Yousuf Raza Gilani said in a speech from the capital, Islamabad, yesterday. Inflation may almost double to 20 percent after damage of as much as $6 billion to transportation and agriculture, the government APP news service reported, with Gilani citing some estimates spiraling as high as $43 billion.