POVERTY SURGES ACROSS PAK WITH FOOD, ENERGY PRICES SPIKE: WORLD BANK REPORT

The report indicates that poverty has risen due to declining wages, reduced job quality, and the impact of high inflation on the purchasing power of people living in poverty, according to the media

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The World Bank has recently released a troubling report, revealing a distressing increase in poverty levels in Pakistan during the previous fiscal year. This alarming development has been attributed to a confluence of factors, including soaring food and energy prices, labor market challenges, and devastating flood-related damages. In its annual meetings with the International Monetary Fund (IMF) held in Marrakesh, Morocco, the Macro Poverty Outlook was presented as a stark reminder of the dire situation that the country finds itself in.

The Macro Poverty Outlook report underscores the gravity of the situation by shedding light on the multifaceted challenges that have culminated in an alarming rise in poverty rates. Prolonged and exorbitant inflation in both food and energy prices has eroded the purchasing power of ordinary citizens, leaving them in an increasingly precarious economic situation. This, in turn, threatens to trigger social upheaval and has far-reaching implications for the well-being of disadvantaged households, many of whom have already witnessed their meager savings dwindle and their incomes diminish.

According to the report, poverty in Pakistan is not solely a result of high inflation but is further exacerbated by declining wages and reduced job quality. The interplay of these factors has left the vulnerable segments of society in an increasingly dire state. As inflation continues to tighten its grip, the capacity of those living in poverty to make ends meet has diminished considerably.