ISLAMABAD: The World Bank has said that Pakistan’s current pace of economic growth is not fast enough to reduce poverty in the country.
According to the World Bank’s latest report, Pakistan’s economy is expected to grow by 3 percent this year, while the poverty rate is likely to remain at 21.5 percent. Next year, economic growth could rise slightly to 3.4 percent.
The report noted that around 1.6 million young people enter the job market in Pakistan every year, but the slow economic growth cannot create enough employment opportunities for them.
The World Bank also estimated that inflation will stay around 7.2 percent this year and could drop to 6.8 percent next year.
To improve living standards and reduce poverty, the report urged Pakistan to introduce broad economic reforms across various sectors.
