In a shocking turn of events, Pakistan’s per capita income has witnessed a staggering decrease of $198 in the current fiscal year, reaching a record-breaking low. The Federal Bureau of Statistics has released a report revealing that the per capita income for Pakistan stood at $1,568, compared to the previous fiscal year’s $1,766, marking an alarming 11.38% decline in just one year.
Moreover, the report highlights a massive contraction in the country’s overall economic volume, with a staggering reduction of $33.4 billion. The economy, which was valued at $375 billion in the year 2022, has plummeted to a mere $341.6 billion.
The Bureau’s statistics further disclose concerning figures regarding the performance of key sectors. The healthcare sector achieved only 8.49% of its target, whereas the education sector managed to reach 10.44% of its goal. Surprisingly, the information and communication sector outperformed expectations, surpassing its target with a commendable 6.93% achievement.
The report also sheds light on sector-specific growth rates, highlighting the food services, hotels, and restaurants sector’s successful attainment of its 4.1% growth target. However, the wholesale and retail sectors fell short, failing to achieve their 6.5% growth target and instead witnessing a negative growth rate of 4.4%.
Public administration, insurance, and construction sectors also experienced dismal performances, falling short of their respective growth targets and recording negative growth rates of 7.76%, 3.82%, and 5.5%.
As the nation grapples with this economic catastrophe, urgent measures are needed to address the worsening situation and revive Pakistan’s financial stability.