A report has said that the cost of doing business in Pakistan is among the highest in the world.
The World Economic Forum said that while Karachi has the highest average annual wage in the country, the city is also one of the least affordable places to do business.
In its 2016 World Economic Outlook, the United Nations body noted that Pakistan’s economy is the fourth-lowest in the OECD and fifth-low in the World Bank Group’s annual Global Competitiveness Index.
“Our economy is becoming increasingly uncompetitive in many ways,” the report said.
“The country’s current account deficit (CAD) stands at $14 billion, the biggest in the Organization for Economic Co-operation and Development (OECD).
In a country of over 1.3 billion people, the cost to maintain the current account has reached a staggering $130 billion, surpassing the GDP.”
Moreover, inflation is rising.
Inflation is set to reach over 30 percent this year, with inflation at 9.5 percent in the current quarter,” the paper said.
The country’s debt has increased to over $100 billion, making it the third-largest in the region after the US and China.
It said that Pakistan has the third highest number of households living below the poverty line in the Middle East, Asia, and Africa.
The study also said that nearly 40 percent of the population is unemployed. “
While this is good news, the rising rate of mortality has a detrimental impact on the economic development of the country,” it said.
The study also said that nearly 40 percent of the population is unemployed.
“This is the lowest in the South Asian region,” the document said.
Pakistan has been the focus of several anti-corruption protests since the death of former President Pervez Musharraf in May 2017.