Pakistan’s economic crisis is deepening, with a staggering 74% of the urban population struggling to meet their monthly expenses, according to a recent study by Pulse Consultant. This figure represents a significant increase from May 2023, when 60% of households reported facing financial difficulties. The survey, conducted between July and August, covered over 1,110 respondents from Pakistan’s 11 largest cities.
The study reveals the harsh realities of the economic situation in Pakistan. Among those struggling financially, a significant portion has been forced to reduce spending on essential items like groceries. To make ends meet, 40% have resorted to borrowing money from relatives and friends, while 10% have taken on part-time jobs to supplement their income. The survey also found that over half (56%) of those barely managing to meet their expenses are unable to save any money.
The Shehbaz Sharif-led Pakistani government has unveiled a three-year economic plan aimed at addressing the country’s economic challenges. The plan includes increasing the provinces’ share of the federal budget from 39.4% to 48.7% by 2027. It also addresses the country’s debt burden, which is expected to reach PKR 79,731 billion by the end of the current fiscal year. Local loans are expected to increase by approximately PKR 7,671 billion, while foreign loans will rise by PKR 818 billion.
The worsening economic situation in Pakistan is a cause for concern, with a significant portion of the urban population struggling to meet their basic needs. The government’s economic plan aims to address the challenges, but the effectiveness of these measures remains to be seen. The situation highlights the urgent need for comprehensive and effective solutions to address the underlying economic issues and alleviate the financial burden on Pakistan’s citizens.
