Inflation in Pakistan has broken the back of the common man. Before Eid, the prices of everyday things have reached the seventh sky. The highest prices of tomatoes have increased.
In the coming days, the condition of Pakistan is going to be disturbed.
Nothing is going well for the common man in Pakistan these days. First Corona and now inflation has broken the back of the people. According to the news of Pakistan newspaper Dawn, inflation related to everyday food and drink has become the highest in this year. According to the data released by the Pakistan Bureau of Statics, the government agency of Pakistan, it has been said that the record of inflation has increased. It has increased to 11.1 percent.
80 percent of income spent on food
The International Monetary Fund (IMF) has forecast an economic rate of just 1.5 per cent for Pakistan. Along with inflation, unemployment is also increasing in the country.
The World Bank has also estimated the economic rate to be 1.3 percent. In other IMF documents, it has been said that development in the country is negligible.
Quoting Pakistan’s economists, the media has claimed that the citizens of the country are spending 80 per cent of their income on their food and drink.
Two years ago, an average family was spending around Rs 27,000 every year on flour. Today this figure has reached 58,000 rupees, that is, there has been an increase of 100 percent in two years.
What is happening with rising inflation
Unemployment in Pakistan is constantly increasing due to inflation. Now there is a shortage of flour. The opposition alleges that only less than 20 days of wheat stock is available in the country.
Pakistan’s economic growth rate is continuously falling. There was a growth rate of 5.5 per cent in the financial year 2018, then it fell to 3.3 per cent in the year 2019.
According to Pakistan’s budget documents, in the financial year 2020, it is expected to be below 2.4 per cent. By the year 2018, the number of poor in Pakistan was recorded up to 69 million.
At the same time, by June 2020, more than 18 million people have joined the poverty statistics. According to experts, the country is currently running on debt. The rate of debt is continuously breaking records and inflation has caused outcry.
Common man’s back broken
The condition of agriculture is also getting worse day by day. Cotton production is falling in the country. Due to the cotton being imported, the country is facing additional burden.
On April 6, the National Human Development Report released under the United Nations Development Program (UNDP) states that the condition of the middle class is deteriorating day by day.
Till a decade ago, 42 percent of middle class families were in the country, but now this figure has reached 36 percent.
Educated working people are unemployed, inflation is increasing and purchasing power is continuously decreasing. Due to this, the middle class of the country has reached the trough. Also, an additional population of 5.8 million has reached below the poverty line in the year 2020.
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