umployment surging in pakistan

[blueazure]

forget 10 million jobs and 5 million homes,

https://www.thenews.com.pk/print/668284-unemployment-rate-to-surge-to-9-56pc-in-2020-21

------------
ISLAMABAD: The government on Thursday admitted that the projected unemployment rate surged from 5.79 percent in 2017-18 to 9.56 percent for next fiscal year 2020-21 keeping in view low GDP growth rate and negative effects of COVID-19 pandemic.

The projected data shared by the Planning Commission high-ups before the Annual Plan Coordination Committee (APCC) held under with Deputy Chairman Planning Commission Jehanzeb Khan in the chair on Thursday revealed that the number of unemployed labour force went up from 3.79 millions in 2017-18 to 6.65 million till next fiscal year 2020-21.

This projection confirms that the number of unemployed labour force witnessed an increase of 2.86 million people during the tenure of PTI-led regime as number of unemployed stood at 3.79 million in 2017-18 when the PML-N-led government completed its tenure and afterwards the number of unemployed workforce increased every year. It shows that the number of unemployed workforce increased to 4.78 million in financial year 2018-19 and 5.80 million in outgoing fiscal year 2019-20. It also projected that number of unemployed persons would go up to 6.65 million in next fiscal year.

This presentation made it clear that the Labour Force Survey data beyond financial year 2017-18 has not yet been published by Pakistan Bureau of Statistics (PBS). The figures of subsequent years have been estimated on the basis of corresponding years’ growth rate and sectoral employment elasticity.

With population figure of 218.89 million in next fiscal year 2020-21, the labour force participation rate was projected at 31.78 percent. Total number of labour force is projected to stand at 69.56 million in next fiscal year out of which employed labour force might be standing at 62.91 million so there would be 6.65 million unemployed labour force in Pakistan. The presentation also dwelt upon other key macroeconomic indicators and stated that the current account deficit was projected at negative $8.31 billion for outgoing fiscal year but it improved significantly and estimated to stand at negative $3.8 billion till end June 2020. The current account deficit decreased by 73 percent in first three quarters of the current fiscal year in pre-COVID-19 situation.

The exports and imports also faced dip in the aftermath of outbreak of COVID-19 pandemic as exports were projected to fetch $22.714 billion till end of the current fiscal against initial estimates of $26.187 billion. The imports were projected to decrease to $42.412 billion in the outgoing fiscal from initially envisaged target of $53.664 billion. The remittances is projected to decline to $21.5 billion for current fiscal year against initially fixed target of $24.03 billion.

It also highlighted that economic challenges in 2019-20 are compounded by shocks including contraction in domestic and external demand, substantial reduction in trade volume, disruption of production activity, massive fall in consumer confidence, tightening of financial conditions that could complicate refinancing of maturing external debt and sharp spikes in global risk aversion and the flight of capital to safe assets led to portfolio outflow of near $2.9 billion in current fiscal and alone $2 billion just in March 2020.

 

[W.11]

PTI govt will be fast to blame it on COVID even though it was already surging due to incompetence of the PTI, every where people have been complaining being kicked out after working for more than twenty years.

regards

 

[Armchair]

A lot more needs to be kicked out. Too many useless people in all ministries and government owned establishments. Most incompetent and there on sifarish.

 

[HaMoTZeMaS]

PTI govt will be fast to blame it on COVID even though it was already surging due to incompetence of the PTI, every where people have been complaining being kicked out after working for more than twenty years.

regards

Working for 20 years ?
or Sitting and Shitting in same chairs?

 

[AZ1]

PTI govt will be fast to blame it on COVID even though it was already surging due to incompetence of the PTI, every where people have been complaining being kicked out after working for more than twenty years.

regards

Haha acha joke tha.

 

[313ghazi]

When your government is mostly talk and very little walk this is what happens. How unfortunate there isn't an effective political opposition/alternative in this country. The choice is between Corrupt looting thieves who are a threat to national security or this amatuer hour with a twitter account.

 

[Patriot forever]

forget 10 million jobs and 5 million homes,

https://www.thenews.com.pk/print/668284-unemployment-rate-to-surge-to-9-56pc-in-2020-21

------------
ISLAMABAD: The government on Thursday admitted that the projected unemployment rate surged from 5.79 percent in 2017-18 to 9.56 percent for next fiscal year 2020-21 keeping in view low GDP growth rate and negative effects of COVID-19 pandemic.

The projected data shared by the Planning Commission high-ups before the Annual Plan Coordination Committee (APCC) held under with Deputy Chairman Planning Commission Jehanzeb Khan in the chair on Thursday revealed that the number of unemployed labour force went up from 3.79 millions in 2017-18 to 6.65 million till next fiscal year 2020-21.

This projection confirms that the number of unemployed labour force witnessed an increase of 2.86 million people during the tenure of PTI-led regime as number of unemployed stood at 3.79 million in 2017-18 when the PML-N-led government completed its tenure and afterwards the number of unemployed workforce increased every year. It shows that the number of unemployed workforce increased to 4.78 million in financial year 2018-19 and 5.80 million in outgoing fiscal year 2019-20. It also projected that number of unemployed persons would go up to 6.65 million in next fiscal year.

This presentation made it clear that the Labour Force Survey data beyond financial year 2017-18 has not yet been published by Pakistan Bureau of Statistics (PBS). The figures of subsequent years have been estimated on the basis of corresponding years’ growth rate and sectoral employment elasticity.

With population figure of 218.89 million in next fiscal year 2020-21, the labour force participation rate was projected at 31.78 percent. Total number of labour force is projected to stand at 69.56 million in next fiscal year out of which employed labour force might be standing at 62.91 million so there would be 6.65 million unemployed labour force in Pakistan. The presentation also dwelt upon other key macroeconomic indicators and stated that the current account deficit was projected at negative $8.31 billion for outgoing fiscal year but it improved significantly and estimated to stand at negative $3.8 billion till end June 2020. The current account deficit decreased by 73 percent in first three quarters of the current fiscal year in pre-COVID-19 situation.

The exports and imports also faced dip in the aftermath of outbreak of COVID-19 pandemic as exports were projected to fetch $22.714 billion till end of the current fiscal against initial estimates of $26.187 billion. The imports were projected to decrease to $42.412 billion in the outgoing fiscal from initially envisaged target of $53.664 billion. The remittances is projected to decline to $21.5 billion for current fiscal year against initially fixed target of $24.03 billion.

It also highlighted that economic challenges in 2019-20 are compounded by shocks including contraction in domestic and external demand, substantial reduction in trade volume, disruption of production activity, massive fall in consumer confidence, tightening of financial conditions that could complicate refinancing of maturing external debt and sharp spikes in global risk aversion and the flight of capital to safe assets led to portfolio outflow of near $2.9 billion in current fiscal and alone $2 billion just in March 2020.

Unemployment was bound to rise, with the partial lockdown it is 6.5 million, imagine if complete lockdown it would be 10 million at least. The construction sector employees a large number of workforce, its reopening will reduce this number. I have heard only positive about the incentives given recently in construction sector by some of builders. Next should be fully opening our industries especially export industries, will further improve the situation.

Macro economic situation especially as far as external account deficit is concerned is extremely promising. We are still an import based economy, but the situation is vastly improved from 20+ billion deficit to 3.78billion. An extraordinary feat but it came at a cost of contraction in our import based businesses and employment in the short to medium term. This is the crucial step in getting out of the debt trap crisis we are in.

 

[blueazure]

Unemployment was bound to rise, with the partial lockdown it is 6.5 million, imagine if complete lockdown it would be 10 million at least. The construction sector employees a large number of workforce, its reopening will reduce this number. I have heard only positive about the incentives given recently in construction sector by some of builders. Next should be fully opening our industries especially export industries, will further improve the situation.

Macro economic situation especially as far as external account deficit is concerned is extremely promising. We are still an import based economy, but the situation is vastly improved from 20+ billion deficit to 3.78billion. An extraordinary feat but it came at a cost of contraction in our import based businesses and employment in the short to medium term. This is the crucial step in getting out of the debt trap crisis we are in.

unemployment was surging even before covid


covid lock down merely accelarated it

Haha acha joke tha.

1 crore naukriyaan

50 lac ghar

----

tsk tsk mr tabdeeli

 

[ejaz007]

Millions of Pakistanis to get unemployed due to COVID-19, warns finance ministry

• The ministry informed that the country’ s GDP growth prior to the outbreak of COVID pandemic the pandemic was expected to be 3.24pc, which has reduced to a negative 0.4pc during the ongoing fiscal year.

Ali Ahmed June 05, 2020

An estimated three million persons could be rendered jobless amid the economic uncertainty created due to the coronavirus pandemic, informed the Ministry of Finance on Friday.

The ministry in its written reply to the Senate today, said that the poverty level in the country could rise to 33.5 percent, from the current 24.3pc. The ministry said that the service sector would lose over two million jobs, whereas the manufacturing sector is likely to lose one million jobs.

The ministry informed that the country’ s GDP growth prior to the outbreak of COVID pandemic was expected to be 3.24pc, which has reduced to a negative 0.4pc during the ongoing fiscal year.

Talking about the rupee devaluation, the Senators were told that the PKR depreciated by 7.5pc per month against the dollar from February till March due to the pandemic.

The Senate also learned that the Federal Board of Revenue (FBR) has also witnessed a drop in revenue by Rs700 to 900 billion. The ministry informed that FBR’s tax revenue can decrease to Rs3.9 trillion, signifying a shortfall of Rs1 trillion.

The ministry informed that amid the coronavirus pandemic, the fiscal deficit is also expected to rise from the initial target of 7.5pc to 9.4pc of GDP, due to both revenue shortfall and increase in public spending.

The finance ministry said that Pakistan’s exports are also likely to fall to $21-22 billion due to the decrease in global economic activity, particularly in the US, EU, and UK. Whereas, remittances too, are also expected to decline from the targeted $23bn to $20-21bn.


https://www.brecorder.com/news/1001...ployed-due-to-covid-19-warns-finance-ministry

 

[Syed1.]

unemployment was surging even before covid


covid lock down merely accelarated it




1 crore naukriyaan

50 lac ghar

----

tsk tsk mr tabdeeli

I also miss the looter and plunderers..... Kya ayashi thi yaar

 

[Type59]

Never will be enough jobs. Too many people entering workforce each year. Pakistani mentality to look down on people who have no kids and cherish someone who has a huge family.

 

[Patriot forever]

unemployment was surging even before covid


covid lock down merely accelarated it




1 crore naukriyaan

50 lac ghar

----

tsk tsk mr tabdeeli

I never said it was not I gave the reason as well, in the 2nd part of the post. In short we basically put brakes on our import based economic growth and rupee devaluation also played a major part. If we had continued the way we were going we would be bankrupt by now. We had no other choice but to make these crucial decisions and bear the negative consequences.

Dude if you took seriously every word a politician says we would have surpassed south Korea or Japan by now with bullet trains and what not. Be realistic. The other parties claims were even more hilarious.

 

[Syed1.]

I never said it was not I gave the reason as well, in the 2nd part of the post. In short we basically put brakes on our import based economic growth and rupee devaluation also played a major part. If we had continued the way we were going we would be bankrupt by now. We had no other choice but to make these crucial decisions and bear the negative consequences.

Dude if you took seriously every word a politician says we would have surpassed south Korea or Japan by now with bullet trains and what not. Be realistic. The other parties claims were even more hilarious.

The same people who are mocking IK never questioned NS for his promise of bullet trains, international airports in every village and $100b export orders by 2018. PTI government might fall short of their promises but atleast they are trying. In 2 years they have saved us from imminent default that the previous government had left us with. Anybody who follows economic news would have said how Dec, Jan and Feb showed great signs of economic revival before covid sent the ENTIRE world into recession.

 

[blueazure]

I also miss the looter and plunderers..... Kya ayashi thi yaar

surely no one will miss the legacy of substance abuser / too

 

[fitpOsitive]

forget 10 million jobs and 5 million homes,

https://www.thenews.com.pk/print/668284-unemployment-rate-to-surge-to-9-56pc-in-2020-21

------------
ISLAMABAD: The government on Thursday admitted that the projected unemployment rate surged from 5.79 percent in 2017-18 to 9.56 percent for next fiscal year 2020-21 keeping in view low GDP growth rate and negative effects of COVID-19 pandemic.

The projected data shared by the Planning Commission high-ups before the Annual Plan Coordination Committee (APCC) held under with Deputy Chairman Planning Commission Jehanzeb Khan in the chair on Thursday revealed that the number of unemployed labour force went up from 3.79 millions in 2017-18 to 6.65 million till next fiscal year 2020-21.

This projection confirms that the number of unemployed labour force witnessed an increase of 2.86 million people during the tenure of PTI-led regime as number of unemployed stood at 3.79 million in 2017-18 when the PML-N-led government completed its tenure and afterwards the number of unemployed workforce increased every year. It shows that the number of unemployed workforce increased to 4.78 million in financial year 2018-19 and 5.80 million in outgoing fiscal year 2019-20. It also projected that number of unemployed persons would go up to 6.65 million in next fiscal year.

This presentation made it clear that the Labour Force Survey data beyond financial year 2017-18 has not yet been published by Pakistan Bureau of Statistics (PBS). The figures of subsequent years have been estimated on the basis of corresponding years’ growth rate and sectoral employment elasticity.

With population figure of 218.89 million in next fiscal year 2020-21, the labour force participation rate was projected at 31.78 percent. Total number of labour force is projected to stand at 69.56 million in next fiscal year out of which employed labour force might be standing at 62.91 million so there would be 6.65 million unemployed labour force in Pakistan. The presentation also dwelt upon other key macroeconomic indicators and stated that the current account deficit was projected at negative $8.31 billion for outgoing fiscal year but it improved significantly and estimated to stand at negative $3.8 billion till end June 2020. The current account deficit decreased by 73 percent in first three quarters of the current fiscal year in pre-COVID-19 situation.

The exports and imports also faced dip in the aftermath of outbreak of COVID-19 pandemic as exports were projected to fetch $22.714 billion till end of the current fiscal against initial estimates of $26.187 billion. The imports were projected to decrease to $42.412 billion in the outgoing fiscal from initially envisaged target of $53.664 billion. The remittances is projected to decline to $21.5 billion for current fiscal year against initially fixed target of $24.03 billion.

It also highlighted that economic challenges in 2019-20 are compounded by shocks including contraction in domestic and external demand, substantial reduction in trade volume, disruption of production activity, massive fall in consumer confidence, tightening of financial conditions that could complicate refinancing of maturing external debt and sharp spikes in global risk aversion and the flight of capital to safe assets led to portfolio outflow of near $2.9 billion in current fiscal and alone $2 billion just in March 2020.

For country, disaster hogaya hai. Or Karachi walon nain tu Imran khan k pechy khudkushi hi kerli , keh vote PTI ko dia, or PTI vote ly ker hat gai. Or ab Karachi waly hain or PPP ki haramzadgian.
Imran may be a sincere guy, but he is incapable.
Now I am not calling to bring Nawaz and Zerdari back, ofbcourse they are bigger problem. But the guys who really are organizing Pakistan, should step in now, form a China like setup, and launch it. Bhar main gaey elections, bhar main gai Jamhoriat or bhar main gai dunya. Hamko apna mulk daikhna hai, apny log daikhnay hain, apni zameen daikhni hai.
Pakistan Jamhoriat k liay nahi bana, simple.