Pakistan is facing a big challenge, poverty rates are rising, and they’re soaring high at 39.4%! Just last year, it was at 34.2%.
This means that almost 95 million people in Pakistan are struggling with poverty, with around 12.5 million being pushed below the poverty line.
The World Bank, an important organization that helps countries with their money matters, is worried. They’re saying that Pakistan’s way of developing its economy hasn’t been working well.
There are several reasons for this. Pakistan is dealing with problems like rising prices for things we need, like food and electricity.
Also, there are big climate issues, like floods and droughts, making life even harder.
But there’s more. Pakistan is also facing a “silent” problem in its schools and healthcare. Many kids aren’t growing well because they’re not getting enough good food.
They’re not learning as much as they should, and sadly, many children are getting sick and passing away too soon. This is very sad and something needs to change.
The World Bank has some suggestions to help Pakistan. They’re proposing a big 10-year plan to fix the economy. One of the ideas is to collect more taxes from agriculture and businesses.
They also want to make sure taxes are fair. Right now, some people don’t pay as much tax as they should, and this is causing problems.
The World Bank thinks that if they change this, Pakistan’s economy will start to look brighter.
If Pakistan makes these changes, there could be some big benefits. They might save a lot of money and get more income.
They could also get more money from taxes on land and farming. Plus, if they improve their trade rules, they could sell more things to other countries, which means more jobs and money.
The World Bank is saying that Pakistan needs to make these changes quickly. They say that if Pakistan can catch up with other similar countries in terms of education and healthcare, the economy could grow by a huge 32%. That’s like a big leap forward.