(April 30-2023) Former Vice President of FPCCI Atif Ikram Sheikh on Sunday said skilled workers and professionals are leaving the country in record numbers for better opportunities which is a great threat to the economy.
Industry and other sectors are finding it difficult to find skilled workers and professionals adding to the economic downturn, he said.
Atif Ikram Sheikh who has also served as President ICCI and Chairman PVMA said in a statement issued here today that the country is going through uncertainty, people are worried about the economic situation, the political environment is tense and due to lack of purposeful politics, the situation is getting worse with time.
The country is facing several economic and political crises and the whole situation has further weakened the already weak economy, and has made it difficult for people to feed themselves and their children, forcing them to seek a better life elsewhere, he added.
The business leader said that almost a million Pakistanis left the country in just one year for better opportunities and a better life.
The number of Pakistanis going abroad increased by 300 percent in one year which is a perfect recipe for disaster, he said, adding that on average few hundred thousand Pakistanis use to go abroad but now this number has increased to one million, he added.
Atif Ikram Sheikh said that the desire to leave the country is highest among the youth aged 15 to 24 years and those leaving the country are professionals, including doctors, engineers, IT specialists, accountants, associate engineers, teachers and nurses, who are in search of better jobs and a better standard of living.
This is a trend that is becoming common and it is causing a lot of problems for the country. This situation is having a further negative and detrimental impact on Pakistan’s economy, with such large numbers of people leaving the country and shrinking the labour force, resulting in a decline in the country’s productivity, the business leader observed.
Lack of skilled professionals is making it difficult for the economy to grow. Loss of human capital is leading to brain drain, as our country is losing its best and brightest to other countries. According to a Gallup Pakistan survey, the rate of dissatisfied Pakistanis with the country’s economic situation reached 73 percent.
According to a report issued by the Ministry of Finance on debt and inflation, the volume of debt has increased due to the increase in interest rates, and the increase in the exchange rate of the dollar has also increased inflation and debt.
Our debt is expected to be more than 70 percent of the economy by the year 2026, and the inflation rate may be 6.5 percent in the year 2026. The Economist Intelligence Unit has also expressed the fear that the unemployment rate will increase further in Pakistan next year. This year unemployment has increased to 9.6 percent and will increase to 9.9 percent next year. According to the report, interest rates are also likely to rise by another 2 percent to 23 percent and the rupee will remain weak till 2027.
The report states that Pakistan has to repay 77.5 billion dollars of foreign debt in 4 years, to avoid default, a new IMF program will have to be taken. Apart from this, political instability, security, and economic weaknesses have been described as major problems in the report.
The reasons for many Pakistanis leaving the country in this political and economic situation can be varied, but the most common reason is the lack of job opportunities in the country.
With the rising rate of unemployment, it is becoming difficult for people to find jobs that provide them with a decent living. On the other hand, the wages offered in most jobs are too low to maintain a decent standard of living.
Another factor that is contributing to the exodus of Pakistanis is the deteriorating security situation in the country. Street crimes and robberies are on the rise in Rawalpindi, Lahore Karachi and other major cities while the threat of terrorism and violence has left many people insecure which should be noticed, he demanded.
