Poverty increased by 7% in Pakistan, decreased in South Asia, but why is Munir's country becoming poorer?
Poverty in Pakistan has risen sharply to 28.8%, contrasting with declining poverty rates in other South Asian nations.
Recent reports indicate a significant increase in poverty levels in Pakistan, with the national rate rising from 21.9% in 2018-19 to 28.8% projected for 2024-25. This alarming rise stands in stark contrast to the trend in other South Asian countries, which are reportedly making strides in reducing poverty. The reasons cited for this increase include three stabilization programs by the IMF, the impact of the COVID-19 pandemic, rising inflation, low GDP growth, two severe floods, and the disregard for wheat support prices.
Official sources in Pakistan have pointed out that poverty has increased across all provinces, particularly in Punjab and Sindh, raising concerns about the economic crisis facing the nation. With the federal planning minister planning to release official poverty data for the upcoming years, the situation has garnered significant media attention and underscores the urgent need for policy interventions to address the escalating poverty.
The challenges that Pakistan faces in combating poverty are multifaceted, requiring a thorough examination of economic policies and their impacts on the population. The statistics not only highlight the economic struggles but also suggest a potential societal breakdown if interventions are not implemented promptly. As discussions around the official statistics begin, the implications for policy and governance will be pivotal for the country's recovery from this crisis.