Mutiny will create poverty in Pakistan, 1 crore people…World Bank expressed this fear

Mutiny will create poverty in Pakistan, 1 crore people…World Bank expressed this fear

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Syed Murtaza Muzaffari, lead author of the report, said that despite board-based yet nascent economic reforms, poverty alleviation efforts remain inadequate. The World Bank report said economic growth is projected to remain steady at a modest 1.8 percent, while the poverty rate will remain at around 40 percent, with about 98 million Pakistanis already struggling with poverty.

The World Bank’s biennial Pakistan Development Outlook report indicated that the country will fail to meet almost all major macroeconomic targets. The international lender said the country is projected to fall short of its primary budget target, running a deficit for three consecutive years, contrary to the terms of the International Monetary Fund’s surplus mandate. Syed Murtaza Muzaffari, lead author of the report, said that despite board-based yet nascent economic reforms, poverty alleviation efforts remain inadequate. The World Bank report said economic growth is projected to remain steady at a modest 1.8 percent, while the poverty rate will remain at around 40 percent, with about 98 million Pakistanis already struggling with poverty.

The report highlights the vulnerability of people hovering just above the poverty line, with 10 million individuals at risk of falling into poverty. The report said the poor and vulnerable were likely to benefit from windfall gains in agricultural production, but these gains were offset by persistently high inflation and limited wage growth in other sectors, which left many poor people in jobs such as construction, trade and Provide employment. It said wages of daily wage workers grew by only five per cent in nominal terms during the first quarter of this financial year, when inflation was above 30 per cent.

The World Bank warns that the number of children out of school could potentially increase due to rising transportation costs as well as cost-of-living crises and delays in medical treatment, especially for worse-off families. Might be possible. Besides, it also said that food security remains a matter of concern in some parts of the country.

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