On Sunday, former Vice President of FPCCI Atif Ikram Sheikh said skilled workers and professionals are leaving the country in record numbers for better opportunities, which is a great threat to the economy. He said that industry and other sectors find it difficult to find skilled workers and professionals, adding to the economic downturn.
Atif Ikram Sheikh, who has also served as President ICCI and Chairman PVMA, said in a statement issued here today that the country is going through uncertainty, people are worried about the economic situation, the political environment is tense, and due to lack of purposeful politics, the problem is getting worse with time.
The country is facing several economic and political crises. The whole situation has further weakened the already weak economy and has made it difficult for people to feed themselves and their children, forcing them to seek a better life elsewhere, he added.
The business leader said that almost a million Pakistanis left the country in just one year for better opportunities and life.
The number of Pakistanis going abroad increased by 300 per cent in one year, which is a perfect recipe for disaster, he said, adding that, on average few hundred thousand Pakistanis used to go abroad. Still, now this number has increased to one million, he said.
Atif Ikram Sheikh said that the desire to leave the country is highest among the youth aged 15 to 24 years, and those leaving the country are professionals, including doctors, engineers, IT specialists, accountants, associate engineers, teachers and nurses, who are in search of better jobs and a better standard of living.
This is a trend that is becoming common, and it is causing many problems for the country. This situation is having a further negative and detrimental impact on Pakistan’s economy, with such large numbers of people leaving the country and shrinking the labour force, resulting in a decline in the country’s productivity, the business leader observed.
The need for skilled professionals makes it difficult for the economy to grow. Loss of human capital is leading to brain drain, as our country is losing its best and brightest to other countries. According to a Gallup Pakistan survey, the rate of dissatisfied Pakistanis with the country’s economic situation reached 73 per cent. According to a report issued by the Ministry of Finance on debt and inflation, the volume of debt has increased due to the increase in interest rates, and the increase in the exchange rate of the dollar has also increased inflation and debt.
Our debt is expected to be more than 70 per cent of the economy by 2026, and the inflation rate may be 6.5 per cent in 2026. The Economist Intelligence Unit has also feared that the unemployment rate will increase further in Pakistan next year. This year unemployment has risen to 9.6 per cent and will increase to 9.9 per cent next year. According to the report, interest rates are also likely to rise by another 2 per cent to 23 per cent, and the rupee will remain weak till 2027.
The report states that Pakistan has to repay 77.5 billion dollars of foreign debt in 4 years. To avoid default, a new IMF program will have to be taken. Apart from this, political instability, security, and economic weaknesses have been described as major problems in the report.
The reasons for many Pakistanis leaving the country in this political and economic situation vary. Still, the most common cause is the need for job opportunities in the country. With the rising unemployment rate, finding jobs that provide a decent living is becoming difficult. On the other hand, the wages offered in most positions are too low to maintain a decent standard of living.
Another factor contributing to the exodus of Pakistanis is the deteriorating security situation in the country. Street crimes and robberies are rising in Rawalpindi, Lahore, Karachi and other major cities. At the same time, the threat of terrorism and violence has left many people insecure, which he demanded should be noticed.
