Mian Zahid Hussain, President of the Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister of Information Technology, today stated the World Bank’s recent report highlights a major setback in poverty reduction, blaming policy failures and the collapse of an unsustainable growth model. Mian Zahid Hussain warned that poverty is expected to rise from 21.9% in 2018–19 to 25.3% by 2024–25, pushing 17 to 18 million more people into poverty.

Pakistan’s economy is structurally fragile, relying heavily on remittances and domestic consumption, which can no longer sustain high-productivity jobs. This weakness affects 42.7% of the aspiring middle class, who are mainly employed informally, making them highly vulnerable to shocks such as inflation, floods, and ongoing macroeconomic instability.

Mian Zahid Hussain warned that a human capital crisis is mortgaging our future. With 40% children stunted and 75% of primary school kids struggling to read, the workforce lacks essential skills. The high rural poverty rate compared to urban areas calls for a shift in national policy.

Mian Zahid Hussain emphasized the business community’s commitment to a new development path. He called the World Bank’s advice for bold, people-centered reforms a critical national mandate, highlighting the need for debt management, rationalized spending, and accelerating trade liberalization to boost private sector investment and create quality jobs.

Invest heavily in education, water, and sanitation to break the poverty cycle. Mian Zahid Hussain warned against short-term fixes and urged focus on human capital and structural reforms for a resilient future.