A recent World Bank report has sounded the alarm over a potential increase in Pakistan’s poverty levels, a development that has prompted deep concern from Mian Zahid Hussain, a prominent figure in the business and industrial sectors. The report indicates that flawed policies and an unsustainable development model could push the poverty rate from 21.9% in 2018-19 to 25.3% by 2024, potentially affecting an additional 19 million people.
Addressing the business community, Hussain mentioned Pakistan’s economy’s reliance on overseas remittances and the local market, which has failed to generate quality jobs that meet the needs of the populace. He pointed out that 42.7% of the emerging middle class is exposed to severe risks from inflation, natural disasters, and economic instability.
Furthermore, Hussain drew attention to the dire state of child malnutrition, affecting 40% of the young population, and noted that 75% face difficulties in obtaining basic education, jeopardizing the foundational education of the future workforce. He highlighted the stark difference in poverty rates between rural and urban areas, urging for comprehensive policy changes to address these disparities.
According to Hussain, the business community is committed to national development and considers the World Bank’s reform proposals a national duty. It is imperative to enhance private sector investment and create quality employment opportunities through better management of financial resources, balanced expenditures, and the promotion of industry and trade-friendly policies.
Hussain reiterated the need for large-scale investment in education, health, clean water, and sanitation for an effective struggle against poverty. He warned against short-term policy measures and urged Pakistan to focus on human development and structural reforms to ensure a sustainable future.