Bad condition of Pakistan’s economyImage Credit source: TV9 Graphics
Pakistan Economic Crisis: It is said that in times of crisis, a person spends every penny wisely. There is no sense in Pakistan. Even in the midst of the economic crisis, instead of spending on the citizens of Pakistan, it has been spending more on defense. Pakistan’s economy has registered a growth of only 0.29 percent. There is a decline of 11 percent in the earnings of the citizens. The service sector has the biggest contribution of 60 percent in the economy of Pakistan. This sector has registered a growth of only 0.8 percent. Moreover, former PM Imran Khan is being held responsible for this.
The Government of Pakistan has increased the defense budget by 13 percent amidst the economic crisis. The government of Pakistan has allocated 1.8 trillion rupees to spend on defense. This is 1.7 percent of the total GDP. Last year, the government had allocated Rs 1.57 trillion as the defense budget. Later it was increased to Rs 1.59 trillion. This money will be spent in different sectors in the next one year.
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No focus on common citizens, more focus on army
It has always been a trend that the maximum amount of money is given to the army in Pakistan. For example, this time an allocation of 824 billion rupees has been made for the army. 368 billion rupees have been given to the Air Force and 188 billion rupees to the Navy. Common citizens have been sidelined in the recent budget. Pension for ex-servicemen has also been increased in this crisis. For example, there is an allocation of 563 billion rupees for pensions, compared to 446 billion rupees last year, which is 26 percent more.
A break-up of the defense budget shows that Rs 5.4 billion was allocated for defense administration, Rs 705 billion for personnel related expenses, Rs 442 billion for operations, Rs 461 billion for physical assets and Rs 195 billion for civil works. Billion rupees have been allocated.
Pakistan’s economy divided
Pakistan’s GDP has registered a growth of only 0.29 percent. The agriculture sector saw a growth of 1.55 percent even in this crisis. At the same time, there is a decline of 2.94 percent in the industries sector. Meanwhile, the service sector, which contributes 60 percent to Pakistan’s economy, registered a growth of 0.86 percent. The International Monetary Fund had estimated 0.5 percent growth of Pakistan’s economy. Even less has been the growth. In terms of numbers, Pakistan’s economy is currently worth Rs 84,657 billion, which has increased by 27 percent compared to last year.
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