Unemployment in Pakistan: 27.6% increase in the number of people looking for work abroad

The number of Pakistanis seeking employment abroad in 2021 has risen to 27.6 percent from the previous year, local media reported.

This comes as there has been a decline in the job market in Pakistan. To add to the woes, the COVID pandemic has dealt another blow to job opportunities in Pakistan which are shrinking day by day.

The Pakistan Overseas Employment Bureau for Emigration (BEOE) in 2021, registered 2,86,648 workers for overseas employment. This represents a 27.6% increase over the previous year, Dawn reported.

Among the main destinations for unskilled migrant workers are the Kingdom of Saudi Arabia, Oman and Qatar.

In total, 54% of Pakistanis sought to settle in Saudi Arabia, 13.4% in Oman and 13.2% in Qatar. Meanwhile, there has been an overall upward trend in terms of registered migrants in 2021 compared to 2020.

The bifurcation of provincial data reveals that Punjab province had the most overseas workers, with 1,56,877, followed by Khyber Pakhtunkhwa with 76,213 people, according to the media portal.

Meanwhile, according to the results of a survey conducted by the Institute of Public Opinion and Research (IPOR), 43% of respondents criticized the three-year rule imposed by the government led by the former prime minister. Imran Khan for his inability to control inflation and for the country’s debilitating economy.

Previously, Pakistani Interior Minister Rana Sanaullah also criticized the Imran Khan-led government and said it had wasted many precious years for the country. Sanaullah said the PTI wreaked havoc on the economy through the most unstable and daily shifting fiscal policies, which plunged the country into the quagmire of inflation.

The Home Secretary said the PTI had only painted a rosy picture and made false promises which turned out to be a complete failure. He said that the burden of foreign loans had become unbearable solely because of PTI’s ill-conceived policies.

At the same time, in its recent “Pakistan Development Update”, the World Bank highlighted the structural weaknesses of Pakistan’s economy, including low level of investment, weak exports and a weak growth cycle of productivity.

In addition, strong domestic demand pressures and rising global commodity prices would lead to double-digit inflation in the country. Moreover, the growth momentum is not expected to pick up in Pakistan in the near future as a sharp rise in the import bill would also negatively impact the Pakistani rupee, according to local media.

The World Bank report cites the insufficiency of the financial sector as one of the reasons for this weak growth. According to the Standard and Poor’s Ratings Global Financial Literacy Survey 2015 (S&P Global FinLit Survey), only 26% of adults in Pakistan are financially literate. Thus, the limited financial literacy in Pakistan is of concern to investors as it has exacerbated the challenge of informality in the country.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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