https://sputniknews.in/20230203/mass-exodus-from-pakistan-as-thousands-flee-amid-economic-crisis-736617.html

Mass Exodus From Pakistan as Thousands Flee Amid Economic Crisis

Mass Exodus From Pakistan as Thousands Flee Amid Economic Crisis

Sputnik India

Hundreds of thousands of Pakistanis are losing trust and hope in the economic system and opportunities available within the country. 03.02.2023, Sputnik India

2023-02-03T11:37+0530

2023-02-03T11:37+0530

2023-02-03T11:58+0530

pakistan

economic crisis

food crisis

sputnik opinion

youth unemployment

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According to the Bureau of Emigration and Overseas Employment, over 800,000 Pakistanis have reportedly left the country in the last year.The situation is particularly alarming for the country's 18-25 age cohort, who are ready to enter the job market or launch their own businesses. The younger generation of Pakistanis have started looking beyond their borders, resulting in a massive brain drain from the country.Most of the people travel to the Middle East, Canada, the United Kingdom or the US.One of the reasons is knowledge of the English language, which makes it easier for Pakistanis to assimilate in these countries.Within Pakistan there's a disparity between what salaried people can afford and the income needed to generate savings and wealth, to sustain a family and live well independently.More than a year of double-digit inflation has put a further damper on people's living standards. Some Pakistanis feel that they just cannot afford to live in Pakistan anymore.Limited Opportunities for the New GenerationOn condition of anonymity, a young professional told Sputnik, "Our generation of Pakistanis are worse off than our parents, who were able to buy real estate, have savings, travel and live comfortably. Nowadays, most of my friends live with their parents, although they are in their mid-thirties. Many want to live separately with their wives and kids, but it is close to impossible to afford your own house. Some resort to renting, but that is also very expensive nowadays and with insane electricity and gas bills, it is just not feasible."He further said that he is planning to relocate to the Middle East as there are many issues in his own country.Even before the current crisis, many young workers were keen on leaving, frustrated by a decline in purchasing power and limited opportunities to improve their standard of living.Last June a polling firm, Gallup Pakistan, carried out a survey which showed that one in three Pakistanis under age 30 would like to find a job abroad and relocate.This survey was taken before devastating floods hit the country; since that happened, the number of people who want to leave rose by 50% as stated by Bilal Gilani, executive director of Gallup Pakistan.All Kinds of ShortagesMeanwhile the country is facing an acute shortage of gas and electricity, and record inflation has priced many basic food items out of people's reach. Last week, Pakistan suffered a nationwide power outage after a breakdown in its national grid.The power failure left tens of millions of people without electricity for over 20 hours. Some economic experts saw this outage as a clear reflection of the country's failing economy.On top of that, there are long queues of cars outside gas stations in major cities, including Lahore and Karachi because there is a shortage of fuel. But the cost of gas is so high that the majority of the population cannot afford it.Furthermore, the devaluation of the rupee is worsening the crisis; on January 26 the Pakistani rupee fell 9.6% against the dollar, which is the biggest one-day drop in over two decades.The dollar crisis is so severe that hundreds of foreign containers carrying food and medical supplies have been stranded at the ports of Karachi and Gwadar for weeks, as authorities do not have the money to make payments.That in turn is leading to food shortages and an increase in the price of basic food items such as wheat and sugar.Will Pakistan Default?Pakistan will only be able to avoid defaulting if it renews its loan from the International Monetary Fund (IMF).Economic analysts believe that the country should be able to convince the IMF because the government has raised fuel prices, imposed new taxes, and allowed the market to decide dollar rates.The IMF loan will help improve the balance of payments; however, inflation is predicted to spike up to 40% in the coming weeks, which means that people living below the poverty line, around 30 to 40% of the population, will suffer the most.At present the country's economic situation is a big mess, and it has run out of money, hence it is no wonder that Pakistani citizens feel increasingly disillusioned by the ruling elite and are leaving the country in great numbers.

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pakistan, economic crisis, food crisis, youth unemployment