Poverty in Pakistan has increased by 7 percent over the last four years, according to a new report released by the World Bank.  World Bank Country Director for Pakistan, Najy Benhassine’s successor, Bolormaa Amgaabazar, shared the findings during a press briefing, highlighting that the poverty rate has reached 25.3 percent in 2023-24. 

The report noted that poverty in Pakistan was recorded at 18.3 percent in 2021-22, which surged to 24.8 percent in 2022-23, before climbing further to 25.3 percent in 2023-24.  According to the World Bank, Pakistan had been witnessing a steady decline in poverty until 2018. Between 2011 and 2015, poverty fell at an average annual rate of 3 percent, while between 2015 and 2018, it declined by 1 percent annually.

However, since 2020, the trend has reversed, and poverty levels have begun to rise again.  The report further stated that while agricultural income has helped reduce poverty to some extent, income growth from other sources has remained weak. From 2011 to 2021, people’s incomes increased by only 2 to 3 percent, the World Bank added.

Credit: Independent News Pakistan (INP)