Islamabad [Pakistan], January 4 : Cash-strapped Pakistan's unemployment rate rose from 1.5 per cent to 7 per cent over the past decade, ARY News reported citing a report by the Ministry of Planning.
As per the report cited by ARY News, the growth rate of Pakistan's GDP is insufficient to meet the requirements of the health and education sectors in the country. Currently, the unemployment rate in Pakistan is higher than in India and Bangladesh.
Women in the socially conservative country face greater challenges in accessing job opportunities, it said.
The data also highlights that the increase in population has rendered it difficult to address issues related to health, education, and other necessary needs. Every year, the population grows by 5 million which caused to the contribution to poverty, as per ARY News.
Moreover, Pakistan needs 1.5 million jobs every year to meet employment demands, ARY News reported.
The Planning Commission also recommended that a reduction of at least 6 per cent in inflation is necessary to lower the youth unemployment rate, while a 17 per cent reduction is required to address unemployment among women.
The weekly inflation, measured by the Sensitive Price Indicator (SPI), increased by 3.97 per cent on year-on-year (YoY) basis during the week ended on January 2 as compared to corresponding week of last year, the Pakistan Bureau of Statistics (PBS), ARY News reported.
According to the PBS, sugar prices have increased for the fifth consecutive week by Pakistani Rupees 1.31 per kilogram. Furthermore, the prices of 18 essential commodities have risen. For example, onions rose by PKR 6.37 per kg; bananas by PKR 3 per dozen, and Ghee by PKR 7.73 per 2.5 kg tin, ARY News reported.
Pakistan-occupied Gilgit-Baltistan (PoGB) is also grappling with widespread unemployment among its youth. Despite the region's natural beauty and vast potential for growth, university graduates from PoGB are struggling to find meaningful employment.
The lack of job opportunities has become a critical concern for the local population.
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