The World Bank has estimated that two million people in Pakistan have come below the poverty line in the financial year 2020-21. This has happened because of bad economic policies.
Poverty on the rise in Pakistan (File Photo)
Ever since Imran Khan took power in Pakistan, the country’s economy is in bad shape. An increase in the number of poor in Pakistan has been seen under Imran’s rule. The World Bank (WB) has estimated that poverty in Pakistan has increased from 4.4 percent to 5.4 percent in the year 2020. In this way, within just one year under Imran’s reign, more than 20 lakh people have come below the poverty line. At the same time, a large population of the country is facing severe food insecurity.
According to the report of The News International, the World Bank used the low-middle-income poverty rate for the poverty rate. It estimated that the poverty ratio in Pakistan was 39.3 percent in 2020-21 and is projected to be 39.2 percent in 2021-22. At the same time, in 2022-23, it may come down to 37.9 percent. At the same time, when the upper-middle-income poverty rate was used, the Global Financial Institution estimated that poverty stood at 78.4 percent in 2020-21 and could come down to 78.3 percent in 2021-22. It is projected to go down in 2022-23 with 77.5 per cent.
Pakistan’s GDP growth was only 1.5 percent
According to World Bank estimates, 40 percent of households in Pakistan suffer from moderate to severe food insecurity. According to The News International, where the World Bank estimates are showing increasing poverty in Pakistan. At the same time, the Pakistani government has released poverty figures for 2018-19, which indicated that the poverty rate was 24.3 percent in 2015-16, which has come down to 21.9 percent in 2018-19. The World Bank says that economic activities came to a halt in the last quarter of the financial year 2020 due to the steps taken to prevent the corona epidemic. The result of this was that the GDP growth of Pakistan was only 1.5 percent.
The country’s fleet was damaged due to poor economic policies
During this period, the working population either lost work or their income decreased. Informal and low-skilled laborers engaged in petty jobs suffered the most in employment. According to Pakistani Daily, Pakistan’s economy has been growing slowly in the last two decades. The average annual growth per capita is only two percent, which is less than half of South Asia’s average. This is partly due to inconsistent economic policies and low reliance on investment and exports to drive economic growth.
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