Pakistan's growth slows to 2% as Hormuz crisis hits industry
Pakistan's economy grew 2.0% in the April-June quarter, below forecasts, as soaring energy prices and irregular LNG supplies from Qatar hit industry. Pakistan's army also pledged support to defend Saudi Arabia, and its military chief is due in Tehran.
Why it matters
The slowdown threatens Pakistan's fragile IMF-backed recovery.
Background
Pakistan relies heavily on imported energy, especially Qatari LNG. It has a mutual defence pact with Saudi Arabia.
The story so far
- Pakistan's growth slows to 2% as Hormuz crisis hits industry
- Japan's export growth slows as energy costs double trade deficit
Sources
- OilPrice ↗Oct 19, 1:30 PM ET
- The Hindu ↗Oct 19, 12:35 PM ET
- Middle East Eye ↗Oct 19, 2:03 PM ET
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