Pakistan’s Unemployment Jumps to 8.53pc in 2020
Pakistan's unemployment rate is at 8.53% at the 2019-2020. The economic growth goal for 2020-2021 is set at 2.3% - equal to population growth rate.
Around 2 years have passed since Pakistan Tehreek-e-Insaaf (PTI) has taken over the government. The PTI government is now setting the economic growth goal for their third year of governance (2020 to 2021) at 2.3%. The current economic growth is low due to the high inflation (and the higher interest rates to lower the inflation and bring in investment), and Pakistan’s unemployment rate has jumped up to 8.53% in the end of the 2019 to 2020 fiscal year.
Pakistan’s unemployment rate went up due to around a million people losing their jobs, especially in the COVID-19 pandemic. As the economic growth goal for next year, at 2.3%, is the same as the population growth rate. This means that unemployment will possibly rise further in the coming years.
According the projection by the Ministry of Planning Development & Special Initiatives, the unemployment rate will jump to 9.6% by the end of the fiscal year 2020 to 2021, as around 850,000 people are going to be unemployed.
While Pakistan’s unemployment rate is increasing, the government is trying to lower the inflation rate in 2020. The Annual Plan Coordination Committee (APCC) is setting the target inflation at 6.5%.
How should the government tackle the upcoming unemployment high in Pakistan? Let us know in the comments!
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