Pakistan Economic Crisis: Millions in danger of losing jobs as industries shut down
1 year, 10 months ago

Pakistan Economic Crisis: Millions in danger of losing jobs as industries shut down

Firstpost  

Karachi: With Pakistan battling its worst economic crisis since its creation, various industries in the country are facing a significant decrease in production and are now bracing for massive layoffs in the workforce. Nasir Mansoor, Secretary General of the National Trade Union Federation Pakistan was quoted as saying by Pakistani media outlet ‘The News International’ that as many as one million workers, who are mostly employed in the textile industry of Pakistan, may lose their jobs. According to reports in the Pakistani media, the devastating floods of 2022 has played a big role in fuelling the current crisis as the flood waters have destroyed at least 45% of Pakistan’s cotton crop. Last month, a joint press conference held by the textile associations of Pakistan had announced that around 7 million people working in the textile sector and related industries had lost their jobs since last summer.

Pakistan  industries  crisis  exports  shut  statistics  danger  million  losing  textile  decline  sector  workers  jobs  economic  worst  pakistan  millions

History of this topic

How 1.5 lakh Pakistan government jobs just 'vanished'
1 week, 1 day ago

How 1.5 lakh Pakistan government jobs just 'vanished'

Firstpost  

For the second time in six months, Pakistan has cut down 1.5 lakh government jobs. Pakistan’s Finance Minister Muhammad Aurangzeb said that the job cuts are part of a broader cost-cutting and efficiency drive introduced by the government. Pakistan’s Finance Minister Muhammad Aurangzeb said that the government aims to reduce the number of affiliated agencies by half, with the reforms …

Is Pakistan’s crisis-ridden economy finally recovering?
7 months ago

Is Pakistan’s crisis-ridden economy finally recovering?

Al Jazeera  

Ahead of the country’s budget on Wednesday, inflation is down, forex reserves are up. Islamabad, Pakistan – The Pakistani government will present its annual budget on Wednesday, seeking to balance domestic commitments to the country’s 240 million people and demands of fiscal prudence from the International Monetary Fund – a key source of loans. Sharif recently travelled to Saudi Arabia, …

Textile exports continue to decline in June, mills suspend work on tepid demand
1 year, 6 months ago

Textile exports continue to decline in June, mills suspend work on tepid demand

The Hindu  

Textile and apparel exports shrank 11.3% in June compared with the year-earlier period even as several textile mills in the South suspended production on account of tepid demand. Shipment of manmade products saw a 17.22 % decline while export of jute products and carpets plunged 26.72 % and 15.43% respectively, according to data shared by the Confederation of Indian Textile …

Pakistan’s flailing economy hit by drop in worker remittances
1 year, 6 months ago

Pakistan’s flailing economy hit by drop in worker remittances

Al Jazeera  

A dramatic drop in foreign workers’ remittances signals a further blow to the economy as Islamabad seeks an IMF bailout. Remittances sent home by Pakistanis working abroad fell to $27bn for the fiscal year 2023, compared with $31.3bn a year earlier, the country’s central bank said on Monday. According to the World Bank last year, Pakistan was the world’s sixth …

Cash-strapped Pakistan slashes trade deficit by 43% in FY 23: Report
1 year, 6 months ago

Cash-strapped Pakistan slashes trade deficit by 43% in FY 23: Report

India TV News  

Cash-strapped Pakistan has reportedly slashed its trade deficit by a staggering 43 per cent to USD 27.55 billion in the fiscal year 2023. In the previous fiscal year 2022, the trade deficit had widened to a daunting USD 48.35 billion, causing concern about the country’s economic stability, The Express Tribune newspaper reported. Ismail Iqbal Securities head of research, Fahad Rauf, …

Pakistan’s economy to grow by 2% in the next fiscal year, says World Bank
1 year, 7 months ago

Pakistan’s economy to grow by 2% in the next fiscal year, says World Bank

The Hindu  

The World Bank has projected Pakistan’s economy to grow by 2% in the next fiscal year, much lower than the 3.5% target set by the National Economic Council, the country's top economic body, saying the lasting effects of the August 2022 floods, along with policy uncertainty and limited foreign exchange resources have depressed activity in the country. “In Pakistan, the …

Number theory: Why Pakistan's current account surplus may spell bad news for the economy
1 year, 7 months ago

Number theory: Why Pakistan's current account surplus may spell bad news for the economy

Hindustan Times  

Pakistan recorded a surplus in its current account for the second consecutive month in April, as per the data released by the State Bank of Pakistan on May 17, shrinking the ongoing fiscal year’s current account deficit by a massive 76% to $3.3 billion in July-April compared to the same period last year. See Chart 1: Revisions in IMF projections …

Pakistan unemployment at its peak: Over 10 lakh lost jobs in past few months amid economic slowdown
1 year, 8 months ago

Pakistan unemployment at its peak: Over 10 lakh lost jobs in past few months amid economic slowdown

India TV News  

Pakistan economic crisis: As Pakistan is facing the worst-ever financial crisis, unemployment among young people has created a record, pushing the country into another havoc, Dawn reported on Saturday. Over 5 lakh lost their jobs in industrial sector In four industrial sectors of Karachi and the countrywide auto vending units, stakeholders claimed that “over 5,00,000 people have faced joblessness.” Quoting …

The fall and fall of Pakistan
1 year, 10 months ago

The fall and fall of Pakistan

New Indian Express  

How it all came tumbling down 1958-68: General Ayub’s non-liberal policies of the capitalist model increases income inequality 1970s: During Zulfiqar Ali Bhutto’s reign, there was a recession in exports, the partition of East Pakistan, the floods of 1974 and locust attacks. His nationalisation policies became the major reason for the loss of industrial units and private investment 1998: Pakistan …

Economic crisis to hit Pak industries, workforce after textile exports fall
1 year, 10 months ago

Economic crisis to hit Pak industries, workforce after textile exports fall

Live Mint  

As Pakistan is struggling with its worst economic crisis in decades, the country's industry is bracing itself for cuts in production and workforce, especially in the textile sector after it witnessed at least 14.8% decline in textile exports, according to the data released by the Pakistan Bureau of Statistics. Nasir Mansoor, Secretary General of the National Trade Union Federation Pakistan …

High taxes, cost-cutting formula: How Pakistan is dealing with economic crisis?
1 year, 10 months ago

High taxes, cost-cutting formula: How Pakistan is dealing with economic crisis?

Live Mint  

Pakistan has been spiraling into a deep economic crisis as the country's rupee is falling down, fuel prices shooting up, and taxes on luxury goods rising. Pakistan's cost-cutting formula Pakistan Prime Minister Shehbaz Sharif has asked his ministers and advisers to fly economy class, forgo luxury cars and their salaries as part of an austerity drive that will save the …

Pakistan economic crisis: Many firms closed, inflation high, forex reserve falls
1 year, 10 months ago

Pakistan economic crisis: Many firms closed, inflation high, forex reserve falls

Live Mint  

Pakistan economic crisis: Several biggest companies in the crisis-hit country have halted operations as they ran out of raw materials or foreign exchange which has compounded the troubles of an economy that's trying to avert a debt default, as per Bloomberg reports. Ghandhara Tyre & Rubber Company, which manufactures tires and tubes for automobiles, shut its plant on February 13, …

Data | Why is Pakistan’s economy collapsing? Explained in charts
1 year, 11 months ago

Data | Why is Pakistan’s economy collapsing? Explained in charts

The Hindu  

Pakistan’s economy is on the brink of collapse. Foreign exchange reserves with the State Bank of Pakistan dipped to $3.08 billion in the week ending January 27, 2023. Chart 3 shows the week-wise foreign exchange reserves held by Pakistan’s central bank. Chart 6 shows financial year-wise Pakistan’s total debt and liabilities in billion PKR. Source: State Bank of Pakistan, Economic …

Millions of textile workers go jobless in Pakistan due to declining export
1 year, 11 months ago

Millions of textile workers go jobless in Pakistan due to declining export

Op India  

Pakistan is experiencing its worst economic crisis amidst food shortages, flash floods, and poverty. As the government of Pakistan failed to end the economic crisis in Pakistan, over 7 million workers in its textile industry have been laid off. According to the State Bank, Pakistan’s foreign exchange reserves last week dropped to $4.3 billion, the lowest level since February 2014. …

Pakistan's economy faces severe headwinds with mounting deficits, high inflation
2 years ago

Pakistan's economy faces severe headwinds with mounting deficits, high inflation

The Hindu  

Pakistan’s economic situation is facing "severe headwinds" with inflation being forecast to stay high between 21-23% and the cash-strapped country's fiscal deficit widening by more than 115% in the first four months of the current fiscal year. "This combination of low growth, high inflation and low levels of official foreign exchange reserves are the key challenges for policymakers,” alerted the …

Exports flat at $31.99 bn in Nov, trade deficit at $23.89 bn
2 years, 1 month ago

Exports flat at $31.99 bn in Nov, trade deficit at $23.89 bn

Live Mint  

India's merchandise exports recorded a flat growth at $31.99 billion in November as against $31.8 billion in the same month last year, while the merchandise trade deficit stood at $23.89 billion from $26.91 billion in the previous month, data released by the Ministry of Commerce & Industry showed on Thursday. Textile exports in India dropped due to global demand slowdown …

How Pakistan's Economic Crisis Has Sent Prices Skyrocketing
2 years, 6 months ago

How Pakistan's Economic Crisis Has Sent Prices Skyrocketing

The Quint  

Foreign exchange reserves with the Pakistan central bank currently stand at US$10.3 billion. Though recently bolstered by Chinese bank lending, reserve levels have been volatile since late April 2022, when a political crisis resulted in the ousting of the Prime Minister, Imran Khan. To preserve foreign currency, an early measure taken by the newly appointed government in May 2022 was …

‘You Import More, Export Less’: China Wants Balanced Trade, ‘Iron Ally’ Pakistan Told
2 years, 9 months ago

‘You Import More, Export Less’: China Wants Balanced Trade, ‘Iron Ally’ Pakistan Told

News 18  

China’s iron-ally Pakistan has become a cause of economic concern for the former as Beijing asked Islamabad to reduce imports. “You import more and export less, even though my government in collaboration with your government is trying to narrow down the trade deficit,” Bijian said that China wants to see more balanced trade. The United States Institute Of Peace in …

A thaw in India-Pakistan trade relations?
3 years, 7 months ago

A thaw in India-Pakistan trade relations?

The Hindu  

The rejection by the Pakistan government of the recent proposal made to it by the Economic Coordination Committee to import sugar, cotton and cotton yarn from India was disappointing, but at the same time indicative of a possibility of resumption of trade relations between the two countries. The two countries agreed to trade in a list of items, including essential …

Explaining Pakistan’s flip-flop on trade with India
3 years, 9 months ago

Explaining Pakistan’s flip-flop on trade with India

The Hindu  

Pakistan’s double U-turn on resuming trade with India highlights the internal differences within Ministries, between business and political communities, and the emphasis on politics over economy and trade. On March 31, Pakistan’s new Finance Minister Hammad Azhar, announced Pakistan’s Economic Coordination Committee ’s decision to import cotton, yarn, and 500,000 metric tons of sugar from India. The Dawn quoted Mr. …

No more trade ties with India, Pakistan retaliates as New Delhi revokes Article 370
5 years, 5 months ago

No more trade ties with India, Pakistan retaliates as New Delhi revokes Article 370

Live Mint  

Islamabad: Pakistan has formally suspended its trade relations with India, in retaliation against New Delhi's decision to revoke Article 370 that gave special status to Jammu and Kashmir, the media reported on Saturday. On Friday, the federal cabinet headed by Prime Minister Imran Khan endorsed the decisions taken by the National Security Committee and the joint session of parliament, which …

Pakistan suspends trade ties with India. Who gains, who loses from Imran Khan's move
5 years, 5 months ago

Pakistan suspends trade ties with India. Who gains, who loses from Imran Khan's move

India Today  

Relations between India and Pakistan worsened on Wednesday when Pakistan decided to downgrade diplomatic ties with India, recall its high commissioner from New Delhi, expel the Indian envoy to Islamabad and suspend bilateral trade. "In the 1950s and 1960s, India's growth hovered around 2-3 per cent annually while Pakistan grew at around 5-6 per cent, with a per capita income …

Pak Expels Indian Envoy, Downgrades Diplomatic Ties Over Kashmir
5 years, 5 months ago

Pak Expels Indian Envoy, Downgrades Diplomatic Ties Over Kashmir

The Quint  

Pakistan's decision to suspend bilateral trade ties with India would hit the neighbouring country more as they import essential items like onion, tomotoes and chemicals, according to experts. "The suspension of trade relations will hit Pakistan more badly as India is less dependent on Pakistan while the latter is more," Federation of Indian Export Organisations Director General Ajay Sahai said. …

Discover Related