SOCIO ECONOMIC PROFILE OF PAKISTAN


Pakistan has achieved high growth rates in a certain periods which contributed in employment creation, poverty eradication and improving quality of life of people. But as a matter of fact, the goal of broad based, equitable and sustainable growth could not be achieved. Economy remained vulnerable to domestic and international fluctuations. Human development is still at a critical stage. If we compare South Asian countries, Pakistan is standing behind the similar developing nations like India, Sri Lanka, Maldives and Bhutan. The main reason for this low ranking is that most of the developing nations are spending more on human side than Pakistan. Following graph based on Human Development Index (HDI) in 2009 describes the comparison of state of human development in South Asia:-



Slow, volatile and non-inclusive growth has contributed to a considerable level of unemployment in Pakistan. Unemployment has posed serious socio economic challenges to economic growth and prosperity in Pakistan. Currently Pakistan's economy is facing difficult times. It is becoming difficult for young graduates to enter into the job market due to the fiscal constraints of public sector and squeezed industrial and services sector. Potential of our youth is not being exploited in the nation building process. An unnecessary craze for white color jobs is mainly due to uncertain business environment and social character of society. It is widely considered that such jobs carry high value in the marriage market. We need to produce business leaders and employers rather than unemployed work force. Following graph based on the data of Labor Force Survey (2010) describes the awful trend in the labor market in this regard:-



Unemployment rate for age group of 20-24 is quite high. Following graph based on the data of Labor Force Survey (2010) provides a comparison of unemployment within different age groups:-