Unemployment in Pakistan rises to 6.5 per cent

The World of Statistics has placed Pakistan at the 24th position in its global list as the unemployment rate in the country reached a new height of 6.5 per cent, The Express Tribune Newspaper reported.

The Express Tribune is a daily English-language newspaper based in Pakistan.

As per the World of Statistics, the highest unemployment in the world was recorded in Nigeria, where 33.3 per cent of the workforce, exactly one-third, was looking for jobs. A similar situation is also witnessed in South Africa which is second with 32.9 per cent unemployment.

Bosnia and Herzegovina have an unemployment rate of 29.28 per cent. Among others with comparatively higher rates is Iraq with a 15.55 per cent rate and Afghanistan with 13.3 per cent. The rate in the UK is 3.8 per cent and USA 3.7 per cent, according to The Express Tribune.

The unemployment rate in China and Canada was recorded at 5.2 per cent. Bangladesh is ranked 34th with an unemployment rate of 4.7 per cent, while Qatar has the lowest unemployment rate of 0.1 per cent.

Meanwhile, Geo News recently reported that Pakistan is reeling from one of its worst economic and political crises which has impacted the masses. This comes despite constant efforts of the coalition government to tackle the same.

Geo News is a Pakistani news channel.

Pakistan’s Ministry of Finance has warned of challenges originating from uncertain external and domestic economic environments, including higher inflation and external debt repayments, due to lesser foreign exchange inflows, according to Geo News.

The ministry, in its monthly outlook bulletin, projected that the inflation for the month of May will remain in the range of 34-36 per cent.

“Pakistan’s economy experienced 0.29 per cent provisional GDP growth in the fiscal year 2022-23 on account of many challenges emanating from the uncertain external and domestic economic environment.”

“The challenges triggered CPI inflation to remain on a higher trajectory despite monetary tightening primarily due to the rupee depreciation. External payments also remained burdened due to lesser foreign exchange inflows,” the ministry stated, according to Geo News.