Pakistan, Oct. 29 -- The World Bank has revised Pakistan economic growth forecast upward to 3 percent for the current fiscal year, compared to its earlier estimate of 2.6 percent. It also lowered the poverty rate to 22.5 percent from 25.3 percent last year, even without new household data. The update was shared in the Pakistan Development Update 2025 report released on Tuesday in Islamabad.

Earlier this month, the bank had predicted slower growth due to flood-related losses. However, it now expects smaller damages than previously estimated. "We don't know the exact impact of losses," said Bolormaa Amgaabazar, the World Bank country director in Islamabad. The lender's revised projection reflects modest economic recovery supported by easin...