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.