World Bank Report Reveals Alarming Rise in Poverty Across Pakistan

ISLAMABAD: A recent World Bank report has shed light on the escalating economic crisis in Pakistan, revealing that nearly 20% of the country’s 260 million citizens now live in extreme poverty, defined as earning less than $3 a day. The report draws alarming parallels between Pakistan’s economic struggles and those of war-torn nations like Syria and Yemen.

The report highlights that extreme poverty in Pakistan has surged three-fold in less than a decade. If the poverty threshold is adjusted to a slightly higher daily income of $4.20, the figure rises to nearly half of the population living in poverty. While the report criticizes the dire situation faced by the working class, it notably omits a thorough examination of the World Bank’s own role in enforcing structural adjustment policies that have exacerbated these conditions.

This stark increase in poverty is accompanied by a significant rise in inequality, with the Gini coefficient reaching its highest level in 40 years. The report attributes this surge to a series of economic shocks, including inflation, currency devaluation, and the impact of global economic trends, which have disproportionately affected the lower-income segments of society while allowing capitalists and landlords to thrive.

As the situation continues to deteriorate, experts urge immediate policy reforms and international assistance to address the growing crisis. Upcoming discussions among policymakers and stakeholders are crucial to devising strategies that can alleviate poverty and promote equitable economic growth in the country.