Due to the high exchange rate of the US dollar, the value of 1,000 rupeesdecreased to only 660 rupees within a year. According to the details,reduced income and increased expenses led to the defeat of the middle classin the battle against inflation.
In the past year, the purchasing power of the public decreased by up to 34percent. Due to the high exchange rate of the dollar, the value of 1,000rupees decreased to only 660 rupees. Soaring inflation hit both the poorand the middle class, and the illusion of white-collar prosperityshattered, leading to more than a hundred million Pakistanis falling belowthe poverty line in a year. Currently, approximately 40 percent of thepopulation is living in poverty.
In one year, the dollar became 82 rupees more expensive, while Pakistan sawa decrease of 198 dollars per capita income. Inflation reached a peak of 34percent, making it increasingly difficult to provide basic necessities likehealth, food, and education for the public.
Economic experts suggest that surviving on a single job is no longerfeasible. Executive Director of the Sustainable Development PolicyInstitute (SDPI), Dr. Abid Qayyum Solari, predicts that gas prices willincrease from November 1, which will further strain the budgets of thosewith income, forcing many to seek multiple employments.
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Economic experts have made it clear that an increase in per capita incomeis essential for the economic well-being of the people. Escaping thequagmire of issues has only one solution: achieving annual sustainableeconomic growth of 5 to 7 percent.
Economist Dr. Khaqan Najeeb states that if you assess from 2000 to 2022,you will realize that Pakistan’s real average per capita growth rate was at1.7 percent. To put Pakistan on a stable path to raise inflation to asingle digit, we need to raise Pakistan’s growth rate above seven percentpermanently within a decade, and that begins with fixing our federal fiscalframework first.