Budget Commentary FY 23-24

Global commodity prices reached a historic high in June 2022. By March 2023, they fell 30%, however, extraordinary damage had been done to the global supply chain and economic activity. Inflation led by food security and affordability has been a chief characteristic of emerging and advanced economies alike on a relative scale. Despite the COVID-19 pandemic, this slowdown in economic activity was largely due to geopolitical events spurred by the Russian invasion of Ukraine. In terms of prices, this shock has resulted in commodity prices that are still higher than the pre-pandemic levels. Pakistan has not been immune to the COVID-19 shocks or the global commodity shock of 2022.

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