Pakistan Economic Crisis: Pakistan is facing its biggest economic crisis in 75 years. Due to the low foreign exchange reserves of the country (Pakistan Forex Reserves), it is taking more loans from many countries. The effect of this economic crisis (Pakistan Economic Crisis) has started appearing on different sectors of the country. Textile industry is the biggest sector of Pakistan. This industry provides employment to crores of people across the country. The effect of economic downturn can be seen on this sector and the sector can lay off lakhs of employees across the country.
10 lakh people will be unemployed
Nasir Mansoor, secretary general of the National Trade Union Federation Pakistan (NTUF), said the economic downturn could affect the country’s textile industry and could lead to job losses of one million people. A big decline of 14.8 percent has been registered in the export of cloth. In such a situation, it can affect the jobs of the sector. According to Nasir Mansoor, at least 10 lakh people working unorganized can lose their jobs. In this, the largest number will be of laborers working in the textile industry. In such a situation, it will be very difficult for these people to live without any government help.
situation worsened by flood
The flood in Pakistan in the year 2022 had already had a very bad effect on the textile industry. Due to floods in the year 2022, at least 45 percent of the cotton crop has been completely destroyed. In such a situation, there is a shortage of raw materials for the textile industry in the country. Due to lack of foreign exchange reserves in the country, problems are also being faced in the import of raw materials. Along with this, the power crisis in Pakistan has increased this problem manifold.
Bad effect on auto sector too
Apart from the textile industry, the country’s automobile sector is also being badly affected by the economic crisis. The Association of Manufacturers of Vehicle Parts in Pakistan has informed that 25,000 to 30,000 people have lost their jobs due to the continuous decline in the country’s auto sector. Along with this, experts say that the bad impact on the sectors that give a boost to the country’s economy can increase the economic challenges in the long run. While companies are now laying off employees, they are also avoiding hiring new people. This is likely to increase unemployment in the country.
