EconomyPakistan

Pakistan Poverty Hits 39.4% World Bank Outlines 10-Year Plan

Pakistan, home to about 240 million people, is facing a serious increase in poverty. The World Bank’s latest report shows that the poverty rate in Pakistan has jumped to 39.4%, up from 34.2% last year. This means that almost 95 million Pakistanis live in poverty, with about 12.5 million people falling below the poverty line in the past year.

The Root Causes

The World Bank points out several reasons for this worrying situation. The cost of basic needs like food and electricity is increasing, making life harder for ordinary Pakistani families. On top of that, Pakistan is dealing with big environmental problems like floods and droughts, which make life even tougher.

Another big problem is happening in Pakistan’s schools and hospitals. Many children aren’t getting enough good food to grow properly. They’re also not learning as much as they should at school. And sadly, many children are getting sick and dying too young. This is a very sad situation, and it needs to change.

The World Bank’s Plan to Help Pakistan

To tackle these problems, the World Bank has devised a 10-year plan to help Pakistan’s economy. One of their main suggestions is to get more tax money from farming and businesses. The World Bank believes a fair and efficient tax system is crucial for a stable and growing economy.

How Tax Changes Could Help

Right now, the tax system isn’t fair. Some people and businesses aren’t paying as much tax as they should, causing big economic problems. The World Bank thinks fixing this could strengthen Pakistan’s economy.

If these changes are made, Pakistan could benefit a lot. More tax money could mean big savings and more income for the government. This could be boosted even more by taxing land and farming. Also, if trade rules are improved, Pakistan could sell more goods to other countries, creating more jobs and bringing in more money.

The Need for Quick Action

The World Bank is saying that Pakistan needs to act fast. They believe that if Pakistan can improve its schools and hospitals to the same level as other similar countries, the economy could grow by an amazing 32%. That would be a big step forward!

Pakistan is currently facing a tough economic situation, but the World Bank’s plan offers a way forward. It highlights the need for big changes, especially in the tax system, and improvements in schools and hospitals. If these changes are made effectively, they could lead to a much brighter economic future for Pakistan.

 

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