Pakistan's unemployment rate witnesses steep climb over past decade

Pakistan’s unemployment rate has risen from 1.5 per cent to 7 per cent over the past decade, as indicated in the report revealed by the Ministry of Planning.

The growth rate of the GDP is insufficient to meet the requirements of health and education sectors in the country. Currently, the unemployment rate in Pakistan is higher than in India and Bangladesh.

Pakistani women face greater challenges in accessing job opportunities compared to their neighbouring countries.

Additionally, the data 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.

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Moreover, Pakistan needs 1.5 million jobs every year to meet employment demands.

The Planning Commission has also recommended that a reduction of at least 6 percent is necessary to lower the youth unemployment rate, while a 17 percent reduction is required to address unemployment among women.

On the other hand, the weekly inflation, measured by the Sensitive Price Indicator (SPI), increased by 3.97 percent 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).

On Week-on-Week basis, the inflation however witnessed a nominal decrease of 0.07 percent for the combined consumption groups during the week under review as compared to the last week.

According to the PBS, sugar prices have increased for the fifth consecutive week by Rs. 1.31 per kilogram (Kg). Furthermore, the prices of 18 essential commodities have risen including Chicken, which increased by Rs. 42.07 per kg; onions by Rs. 6.37 per kg; bananas by Rs. 3 per dozen, and Ghee by Rs. 7.73 per 2.5 kg tin.