Pakistan's unemployment rate rises steeply in past decade: Report
Pakistan Faces Rising Unemployment and Inflation Challenges
Islamabad, Pakistan - Over the past decade, Pakistan's unemployment rate has increased significantly from 1.5% to 7%, according to a report by the Ministry of Planning. This rise in unemployment is coupled with a GDP growth rate that fails to meet the demands of the health and education sectors.
Women in Pakistan face even greater challenges in finding jobs due to social conservatism. The country's population grows by 5 million each year, exacerbating issues related to poverty, health, and education. To meet employment demands, Pakistan needs to create 1.5 million jobs annually.
The Planning Commission suggests that reducing inflation by at least 6% is crucial to lowering youth unemployment, while a 17% reduction is needed to address unemployment among women. The Sensitive Price Indicator (SPI) shows a 3.97% increase in weekly inflation compared to the previous year, with sugar prices rising for the fifth consecutive week.
Additionally, the prices of 18 essential commodities have increased, including onions, bananas, and ghee. In Pakistan-occupied Gilgit-Baltistan, youth unemployment is a significant issue, with university graduates struggling to find jobs despite the region's potential for growth.
Doubts Revealed
Unemployment Rate
The unemployment rate is the percentage of people who want to work but cannot find jobs. In Pakistan, this rate has increased from 1.5% to 7% over the last ten years.
GDP Growth
GDP stands for Gross Domestic Product, which is the total value of goods and services produced in a country. Pakistan's GDP growth is not enough to meet the needs for health and education.
Inflation
Inflation is when the prices of goods and services increase over time. In Pakistan, inflation is making it harder for people to afford basic things like food.
Gilgit-Baltistan
Gilgit-Baltistan is a region in Pakistan known for its beautiful mountains. Despite having potential for growth, it faces high youth unemployment.
Youth Unemployment
Youth unemployment refers to young people who are looking for jobs but cannot find any. In Pakistan, this is a big problem, especially for women.
Population Growth
Population growth is the increase in the number of people living in a place. In Pakistan, the population grows by 5 million people every year, which makes poverty worse.
Weekly Inflation
Weekly inflation is the change in prices of goods and services from one week to the next. In Pakistan, prices have increased by 3.97% compared to the same time last year.
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