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Pakistan: Unemployment figure in Pakistan to touch 5.6 million this year, says ILO report Pakistan
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Pakistan: Unemployment figure in Pakistan to touch 5.6 million this year, says ILO report

India Blooms News Service | @indiablooms | 17 Sep 2023, 03:25 pm

The unemployment figure in Pakistan, a country suffering from a financial crisis, is projected to hit 5.6 million this year, as per data released by the Intern­ational Labour Organisation (ILO).

This is an increase of  1.5 million since 2021.

This estimate matches the IMF’s projected unemployment rate of 8.5 per cent in 2023, up from 6.2pc in 2021, the ILO said in its employment outlook report on Pakistan released on Thursday as quoted by Dawn News.

The report also highlights that the female unemployment rate, which is historically at least 1.5 times that of male rates, could reach a high of 11.1pc.

The deflated job growth and rising unemployment could push Pakistan’s progress toward decent work back by decades, the ILO warns.

According to the ILO estimates, Pakistan’s employment-to-population ratio in 2023 fell well below its pre-crisis trend line at 47.6pc, while the number of unemployed persons is expected to reach 5.6m — a surge of 1.5m since 2021.

The increasing labour market challenges reflect Pakistan’s cumulative economic distress, following from the shock of the Covid-19 crisis and 2022 floods and exacerbated by the recent macroeconomic turmoil.