ANI
11 Jun 2021, 14:07 GMT+10
Karachi [Pakistan], June 11 (ANI): Pakistan is struggling to create job opportunities for 2.5 million people who are looking for re-employment following job losses due to the COVID-19 pandemic.
The Imran Khan-led Pakistan's Tehreek-e-Insaf (PTI) government has said that job protection and creation of new employment opportunities has become the second-largest challenge after the health crisis, The Express Tribune reported.
"Pakistan's economy has to grow by 7-8 per cent per annum to provide job opportunities to almost two million new entrants into the labour market every year," Finance Minister Shaukat Tarin said after launching the Economic Survey 2020-21 on Thursday.
Besides, there are 2.5 million people looking for re-employment, who had lost their jobs due to layoffs in the wake of the closure of different industries following the imposition of a strict nationwide lockdown last year, he further said.
Pakistan has a massive proportion of the young population that is unemployed. A large number of the youth lack quality education and skills required for mainstream jobs.
Since the country recorded negative economic growth of 0.4 per cent in the previous fiscal year, a large number of new entrants into the labour market failed to secure jobs in FY21 in addition to the millions of people who were rendered jobless during the peak of the pandemic in FY20.
Tarin pointed out that around 55.7 million people were working before the imposition of lockdown in March 2020 and this figure fell to 35 million when constraints on movement were at their peak during April-May 2020 - a fall of 20.7 million or 37 per cent.
The number of employed people before the pandemic struck Pakistan, at 55.7 million, was already low compared to around 60-65 million people in prior years.
"During the Covid-19 pandemic, protection and creation of jobs is the second biggest challenge after the health crisis in Pakistan," the survey stated.
"Owing to population growth, Pakistan is facing difficulties in optimal social spending ie healthcare, education, housing and employment," it said. "In such a scenario, the advent and spread of Covid-19 has further aggravated the situation.""Pakistan, being the fifth most populous country and having the ninth largest labour force in the world, adds a large number of people to its jobs market every year," the survey said.
Pakistan's total population is estimated at 215.25 million with a growth rate of 1.8 per cent in 2020. (ANI)Get a daily dose of Asia Pacific Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Pacific Star.
More InformationDHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
Chinese FM calls for joint efforts in finding right way for China, U.S. to get along China and the United States should work together...
New Delhi [India], July 12 (ANI): In a remarkable decision taken at the 47th Session of the World Heritage Committee, India's official...
How the Wests recklessness is testing Moscows nuclear patience A multipolar world is, by its nature, a nuclear one. Its conflicts...
The Hague [Netherlands], July 11 (ANI): Italy made history after securing qualification for the 2026 Men's T20 World Cup in India and...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...