Unemployment in Pakistan to reach a 30-year peak by next year
Pakistan’s unemployment rate according to the World Bank data, predicts that it will increase from 4.1% and 4.5% in 2019 and 2020 respectively, and to 5.1% in 2021.
COVID-19 pandemic, is also one of the main reason for the high unemployment rate in Pakistan, and due to this the country faced an economic contraction for the first time in 68 years.
The report also forecasts that Pakistan’s GDP would recover at a slow pace of 1% in 2021 and that the country would again record a higher current account deficit by next fiscal year.
