Monthly Archives: January 2014

Urban Poverty rises persistently in Pakistan

A little boy carrying bag of waste in the urban areas of Pakistan.

A little boy carrying waste of bag in the urban areas of Pakistan.

Pakistan has been reported to be a place which is dangerous for human life; it faces range of challenges from lack of the good governance to the inequality of the wealth. Poverty rises as consequences of these challenges, which Pakistan is facing severely as a whole, however according to annual report recently issued by the State Bank of Pakistan, population in the urban areas is poorer than that of rural areas.
This is as a result of the poor economic growth, in addition to the high influx of the population to the urban areas. The distribution of the resources in urban areas is highly skewed than those of the rural areas, in urban areas 60% of the sources are availed by 20% of the population, in contrast this is not the case in rural area. It is worth mentioning here that the traditional perception of the urban and rural divide on the basis of economic prosperity is no more application in recent times.
Since 2008, country is facing an economic growth at a pace as low as 3%, ever since economy has remained sluggish. Average economic growth remained at 3%, contrarily in order to absorb the high influx of youth it must be high enough. On the other hand the wide range of the unemployment has forced the urban population into poverty, additionally savings ratio of economy as a whole is vanished. As reported by the State bank of Pakistan, for the FY-13 the national savings declined to 13.8pc, for sure which is a very bad indicator.
These facts and the statistics are enough to have a true picture of our economy; government is required to take immediate measure which could at least initiate the economic revival. It must take serious measures in order to pursue high economic growth, to reduce poverty and in order to improve human development. For this reasons it needs to consult experts, rather than relying on self-proclaimed economic rainmakers, who have been replicating the past policies. This is how we can End Poverty in Pakistan.

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Some National Statistics of Pakistan at the end of first half of FY14

Inflation fell to single digit; it declined from 10.9 in November to 9.2 in December.Finance-Chart-Statistics-Backgrounds-1000x750
Rupee appreciated 2.9 % in December after falling 8.9% against dollar in previous 5 months of same fiscal year.
Domestic debt growth declined to 3.5 %in July to august from 5.7 percent in the same period last year.
Fiscal deficit has also declined to 2.2 percent in Q1FY14 from 2.9 % in Q1FY13.
In the first half of the FY14 federal government borrowed a total of 716 PKR billion, and retired 47.6 PKR billion to the commercial banks. In the second quarter government is expected to retire central bank credit through its borrowing from commercial banks.

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