Imagine 70 million Pakistanis scraping by on pennies a day—that’s the harrowing reality unveiled in the latest official survey. Poverty has reached 29 percent, an 11-year zenith not seen since 2014’s 29.5 percent.
Planning Minister Ahsan Iqbal’s report ties this to a 8,484-rupee monthly threshold for survival basics. From 21.9 percent in 2018-19, the rate has exploded 32 percent to 28.9 percent under PM Shehbaz Sharif.
Gini coefficient inequality stands at 32.7, a 27-year record. Unemployment? A 21-year high of 7.1 percent. The economy is buckling.
Bluntly, IMF programs fueled the fire, per the minister. Energy subsidy removals, rupee crashes, 30-plus percent inflation, plus 2022 floods and tepid GDP growth hurled families into abyss.
Rural Pakistan bears the brunt: 28.2 percent to 36.2 percent poor. Urban: 11 percent to 17.4 percent. No province escaped.
Punjab’s poverty doubled in impact, from 16.5 percent to 23.3 percent over seven years. Sindh jumped to 32.6 percent from 24.5 percent. Khyber Pakhtunkhwa hit 35.3 percent from 28.7 percent. Balochistan’s tragedy: 47 percent now destitute, up from 42 percent.
Fiscal 2023 saw household earnings drop 12 percent to 31,127 rupees. Expenses fell over 5 percent amid inflation’s squeeze, nominal incomes be damned.
This 13-year poverty uptick signals alarm. Pakistan must pivot from austerity to inclusive growth to rescue its people.