Pakistan’s economy worst in region: World Bank
By Rizwan Khatik - Mon Sep 19, 4:42 am
World Bank has issued its report on the economy of Pakistan according to which the economy of Pakistan has been plunging down rapidly. The report revealed that natural calamities like flood , security problems and political disparities are the main impediment in the way of development.
At present rate of unemployment is 13 percent , whereas 18 percent people are forced to lead their lives below poverty line in the country. Pakistan requires some three million employments but the number of jobs have not been increasing and current flood adds fuel to fire and deteriorate economy further.
It was also told in the report of WB that the GDP rate in the country was 5 percent in 1990, which fell down to 2.5 percent. Report also criticized the subsidy in the energy sector. World Bank also rejected the facts and figure given in the budget by saying that these were bogus.
The report revealed that Pakistan is lingering behind other SAARC countries like India, Sri Lanka, Nepal and Bangladesh financially. The main reason of the financial crises in Pakistan is that the government took loan on high rate of interest resulting increase in inflation.