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Job Situation in Pakistan
Is Pakistan’s Job Situation Getting Worse?
This article is about “Job situation in Pakistan”. We are going to discuss some notable aspects of the fiscal policy of Pakistan. You can demand us any scale and questionnaires related to psychology through our community, and we will provide you with a short time. Keep visiting Ilmu علموبابا
The unemployment rate in Pakistan is alarming and it affects the overall economy of the country. In the recent past, things have turned from bad to worse and now the situation is almost worse than before. The decline in the score of the fiscal policy has also worsened the economic situation in Pakistan significantly.
To understand what is going on in Pakistan, it is important to understand what the country’s fiscal policy is all about. All fiscal policies are governed by the decisions that are taken at the national level. This also leads to a lot of regional imbalances and challenges.
As a matter of fact, the current global economic stability policies, which are implemented in many countries of the world, lead to imbalances and challenges in Pakistan as well.
There are several reasons why the current fiscal policy measures are not being accepted at the federal level in Pakistan. The biggest reason is that the implementation of the fiscal policy at the grass-root level has not been completed.
There are numerous factors responsible for this fiscal policy failure in Pakistan. These include lack of sufficient foreign investment, less than optimal tax collection, weak monetary and credit policies, excessive bureaucracy, inflation, terrorism, and corruption at the national level.
These factors are all barriers to implementing the economic stabilization policies at the grass-root level. Any attempt at a full-fledged implementation would definitely bring forth significant political and social turbulence in Pakistan. As a result, the domestic job situation in Pakistan is quite challenging and alarming.
If the federal government is serious about implementing its economic stabilization policies, then major reforms in the various sectors of the economy will have to be instigated. At present most sectors of the economy are experiencing chronic unemployment and rising inflation.
In addition to this, there are several other hurdles such as excessive bureaucracy, weak financial and credit policies, excessive inflation, and lack of investment opportunities. If these problems are not tackled, then Pakistan may witness a significant collapse in its economy. The key solution for averting the threats of job losses and deteriorating economic stability in Pakistan is thus investment decisions.
The government should focus on re-organizing the workforce through job creation and employment initiatives so that the current problems in the employment sector do not deepen. Currently, despite the positive efforts of the private sector and localized labor to create jobs, unemployment levels remain high at over 20%.
If these figures are further sustained, it would mean a significant decline in the quality of life indicators such as health, education, and poverty indicators of the population. It, therefore, follows that the people still are hopeful about the future and if there is any sign of improvement in the employment scenario, it would be an encouraging signal for the people of Pakistan to rally behind and take the economy to the next level.
There are various other factors that have resulted in the worsening of the job situation in Pakistan. Some of these are the global and regional developments, which have worsened the fiscal situation in Pakistan significantly.
At the same time, the global recession has affected the domestic market greatly, forcing numerous businesses to shut down. To break the vicious circle and salvage the fiscal and monetary position, the government must focus on creating more jobs and promote business, both big and small, to pick up the lost businesses that have closed down due to the impact of the global recession.
A high number of people have expressed their negative opinions regarding the current state of the economy and its prospects in the future. However, this does not necessarily mean that the scenario is hopeless.
Given the kind of globalized competition that prevails in the market, one only needs to be proactive to succeed in business. Moreover, if proper measures are taken by the administration and the government in order to promote the economic growth of the country, then the people of confidence in the economy will gradually improve.
At the end of the year, a direct result of the global financial crisis is the increase in unemployment across Pakistan. The unemployment rate is expected to rise above the 20% level this year as more people will lose their jobs in the hope of getting better wages and salaries from the multinational companies operating in the country. However, given the current economic scenario, it is difficult to find a job.
The increasing price of basic commodities such as food, fuel, and electricity has forced people to rely more on savings. At the end of the year, the unemployment rate could go below the 10% level if the global economic conditions pick up.
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