Economy

Poverty Jumps by 7%, 13 Million More Pakistanis Fall Below the Line: World Bank

Pakistan Sees a Rise in Poverty in 2024, But Economic Recovery Expected by 2025: World Bank Report

According to the latest World Bank report, Pakistan has witnessed a 7% increase in poverty levels during 2024, with an additional 13 million people falling below the poverty line. The poverty rate for 2023 stood at 25.3%, reflecting the ongoing impacts of pandemics, floods, and economic challenges.

While the poverty rate surged during the COVID-19 crisis in 2019, when it increased by 2.7%, it began to decline in 2022. However, the catastrophic floods of 2023 severely damaged the economy, disrupting agricultural production, driving inflation, and causing a resurgence in poverty rates.

The report highlighted that workers’ income played a crucial role in alleviating poverty, particularly in sectors offering higher-paying jobs, which helped shield individuals from the adverse effects of inflation.

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Looking ahead, the report offers a hopeful outlook, forecasting an economic recovery in 2024 and a potential decline in poverty to 18.7% by 2025. Despite the setbacks, the country’s path to recovery remains in sight, with expectations of improved conditions in the near future.

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