- News>
- Asia
Pak economy steady but poverty increased by 33 per cent
Islamabad, Nov 04: Ringing alarm bells over increasing numbers of poor and unemployed in Pakistan, the country`s state bank said the level of poverty rose to 33 per cent from 20 per cent in the last 15 years, even though the economy looked up with a growth rate of 5.1 per cent.
Islamabad, Nov 04: Ringing alarm bells over increasing numbers of poor and unemployed in Pakistan, the country's state bank said the level of poverty rose to 33 per cent from 20 per cent in the last 15 years, even though the economy looked up with a growth rate of 5.1 per cent.
"It is true that the incidence of poverty in the country
has risen from almost 20 per cent to 33 per cent," the
Pakistan State Bank (PSB) said in its latest annual report and
called for large scale budget allocations in the fields of
social, education and health sector as well as adoption of
pro-poor policies to create jobs in the shorter run.
The report, however, refrained from blaming the Pervez Musharraf regime for the increase in poverty, stating that the increase happened over 15 years and not because of the policies pursued in the last four years.
"Given the carryover of the past legacy, current geopolitical and security situation, non-supportive external economic environment, and weak institutional capacity, it will simply be a pipedream to expect an accelerated fall in the incidence of poverty in Pakistan in the short term," it said.
Urging the government to make pro-poor policies to reverse the trend, it said "the biggest challenge facing the economic managers in the short term is to create as many jobs as possible."
The report said the economy appeared to be steady with the GDP growth remaining at 5.1 per cent in the fiscal year 2002-03, mainly due to the improvement of harvests of key crops and increase in exports to a record USD 11.1 billion.
Bureau Report
The report, however, refrained from blaming the Pervez Musharraf regime for the increase in poverty, stating that the increase happened over 15 years and not because of the policies pursued in the last four years.
"Given the carryover of the past legacy, current geopolitical and security situation, non-supportive external economic environment, and weak institutional capacity, it will simply be a pipedream to expect an accelerated fall in the incidence of poverty in Pakistan in the short term," it said.
Urging the government to make pro-poor policies to reverse the trend, it said "the biggest challenge facing the economic managers in the short term is to create as many jobs as possible."
The report said the economy appeared to be steady with the GDP growth remaining at 5.1 per cent in the fiscal year 2002-03, mainly due to the improvement of harvests of key crops and increase in exports to a record USD 11.1 billion.
Bureau Report