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Pakistan Floods Caused Losses of $43 Billion, Gilani Says

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Sept. 1 (Bloomberg) -- Pakistan’s floods caused losses of $43 billion, Prime Minister Syed Yousuf Raza Gilani said.

“This is a pensive moment in our history,” he told members of his cabinet in a televised speech from Islamabad today. “There will be massive job losses, serious social implications and a snowball effect on manufacturing and services.”

The government will miss its economic growth target of 4.5 percent for the year that began July 1 and the economy may expand 2.5 percent, Gilani said. Inflation will be in the range of 15 to 20 percent, missing the 9.5 percent target.

To contact the reporter on this story: Farhan Sharif in Karachi at fsharif2@bloomberg.net

To contact the editor responsible for this story: Naween Mangi at nmangi1@bloomberg.net

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