Blackwater
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KARACHI: The number of Pakistanis now living below the poverty line has crossed the 62 million mark, according to the latest official statistics.
The State Bank of Pakistan in its latest annual report on the economy revealed that the World Bank's task force on food security has estimated that the Head Count Ratio (HCR) regarding poverty increased in Pakistan to 33.8 percent in FY08 (fiscal year 2007-08) and 36.1 percent in FY09, projecting that 62 million people in the country now live below the poverty line.
The SBP, quoting the interim report of the Panel of Economists constituted by the government and Planning Commission, pointed out that as many as 10 million more people were expected to fall into the poverty trap.
The interim report, 'Economic Stabilisation with a Human Face', states that the head count ratio in the country may have risen by 3.5 percentage points in FY08 from 22.3 percent in FY06. A further rise is expected in FY09 by an additional 2.7 percentage points. This brings the head count ratio figures in the country to 28.5 percent in FY09, the SBP said.
The central bank pointed out that recent data suggested that between 2005 and 2009, more than 12 million to 14 million people were expected to have slipped into poverty. Considering these figures, it is estimated that poverty may have risen by 30 percent to 35 percent in FY09. The SBP predicted that the global economic crisis, decline in the manufacturing sector in the country and closure of industries due to a power crisis was likely to push more people into poverty.
However, reports reveal that poverty in Pakistan has risen in line with the international trend. Conflicting reports about the level of poverty in the country have forced the government to revisit the poverty figures for FY08, SBP added.
Subsequently, the World Bank re-visited the poverty estimates by the Centre for Poverty Reduction and Social Policy Development, which found a four to five percentage point increase in poverty figures in the last quarter of FY08. The World Bank has projected that the HCR in Pakistan may rise above 25 percent in FY10, SBP said.
Moreover, the World Health Organization's inter-agency assessment mission 2008 on the impact of the food crisis in Pakistan said 24 percent of the population was still living under the poverty line, SBP said. Quoting from the WHO assessment, SBP further said there were chances of a severe food crisis and subsequent social unrest in the country.
http://www.thepeninsulaqatar.com/
The State Bank of Pakistan in its latest annual report on the economy revealed that the World Bank's task force on food security has estimated that the Head Count Ratio (HCR) regarding poverty increased in Pakistan to 33.8 percent in FY08 (fiscal year 2007-08) and 36.1 percent in FY09, projecting that 62 million people in the country now live below the poverty line.
The SBP, quoting the interim report of the Panel of Economists constituted by the government and Planning Commission, pointed out that as many as 10 million more people were expected to fall into the poverty trap.
The interim report, 'Economic Stabilisation with a Human Face', states that the head count ratio in the country may have risen by 3.5 percentage points in FY08 from 22.3 percent in FY06. A further rise is expected in FY09 by an additional 2.7 percentage points. This brings the head count ratio figures in the country to 28.5 percent in FY09, the SBP said.
The central bank pointed out that recent data suggested that between 2005 and 2009, more than 12 million to 14 million people were expected to have slipped into poverty. Considering these figures, it is estimated that poverty may have risen by 30 percent to 35 percent in FY09. The SBP predicted that the global economic crisis, decline in the manufacturing sector in the country and closure of industries due to a power crisis was likely to push more people into poverty.
However, reports reveal that poverty in Pakistan has risen in line with the international trend. Conflicting reports about the level of poverty in the country have forced the government to revisit the poverty figures for FY08, SBP added.
Subsequently, the World Bank re-visited the poverty estimates by the Centre for Poverty Reduction and Social Policy Development, which found a four to five percentage point increase in poverty figures in the last quarter of FY08. The World Bank has projected that the HCR in Pakistan may rise above 25 percent in FY10, SBP said.
Moreover, the World Health Organization's inter-agency assessment mission 2008 on the impact of the food crisis in Pakistan said 24 percent of the population was still living under the poverty line, SBP said. Quoting from the WHO assessment, SBP further said there were chances of a severe food crisis and subsequent social unrest in the country.
http://www.thepeninsulaqatar.com/
