October 9, 2024
2 mins read

Unemployment skyrockets in Karachi amid economic crisis

Many attribute this increase to the government’s perceived inaction in addressing the root causes of economic instability….reports Asian Lite News

Karachi, Pakistan’s largest city and economic hub, is currently grappling with a troubling rise in unemployment. As the financial capital of the country, Karachi is facing significant job losses, raising concerns among citizens and economists alike.

Many attribute this increase to the government’s perceived inaction in addressing the root causes of economic instability.

Ishaq, a local resident, expressed his distress, stating, “Unemployment in Pakistan is very high, causing great hardship for the poor. Let alone having three meals a day, people are struggling to get even one. As a result, many have been forced to resort to robbery and theft.”

The situation has led to widespread frustration among residents, as many struggle to secure stable employment or make ends meet. The streets of Karachi echo with the concerns of its inhabitants as the economic landscape continues to deteriorate.

Currently, Pakistan is experiencing one of its worst crises since its inception, marked by a food shortage, currency devaluation, electricity shortages, and security challenges. The soaring prices of electricity and gas have compounded these economic issues, leading to widespread dissatisfaction.

According to The News International report, these rising energy costs are making it increasingly difficult for industries to operate, further exacerbating unemployment.

Another resident, Shabaz, voiced his frustration: “As long as the situation in Pakistan remains this dire, with rising inflation, things will only continue to worsen. There are no facilities available here, and the conditions in Karachi are such that taxes have been imposed on everything–electricity, gas cylinders, you name it.”

He added, “Gas cylinders are no longer being delivered to homes, and acquiring gas outside has become a challenge. People are genuinely worried about safety after incidents of explosions. The situation in Pakistan has led to a significant increase in unemployment.”

Inflation in Pakistan has reached crisis levels, affecting all aspects of daily life. As the government struggles with both domestic challenges and international pressures, finding a sustainable solution to control inflation remains a critical priority for the country’s economic stability. (ANI)

ALSO READ: China’s hyper espionage activity: Is it a manifestation of Beijing’s hostile policies?

Previous Story

International journalists’ body slams Hong Kong scribe’s sentencing

Next Story

Khyber-Pakhtunkhwa: School shutdown looms as teachers demand reforms

Latest from -Top News

Modi Eyes Trade Deals in Maldives

PM Modi will arrive in Maldives on July 25 which would be the second and final leg of his two-nation visit, following the visit to the United Kingdom, starting Wednesday….reports Asian Lite

Russia Strikes Back at EU

The Council of the European Union approved the 17th and 18th packages of sanctions on Russia on May 20 and July 18…reports Asian Lite News Russia has significantly expanded its entry ban

PM Modi Due in UK

PM Modi’s visit to the UK, scheduled for July 23–24, comes at the invitation of British counterpart Keir Starmer and will be his fourth trip to the country….reports Asian Lite News Prime

Victory First, Then Peace?

Katz stressed the importance of meeting the war’s goals as set, primarily the return of all Israeli hostages and the surrender of Hamas….reports Asian Lite News Israeli Defence Minister Israel Katz said

US Brings Up Old Claim, India Pushes Back

US Raises Trump’s India-Pakistan Claim at UN; India Reaffirms Bilateral Stand…reports Asian Lite News The US brought President Trump’s May claim of resolving the India-Pakistan conflict to the Security Council, but New
Go toTop

Don't Miss

‘India using Imran’s statements to target Pak institutions’

The Prime Minister lashed out at Khan for accusing him

Pakistan to narrow digital divide, promote skills

Sharif announced that Pakistan will host the 10th conference of