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With average 1.84 million jobs a year, Pakistan’s economy created record 5.5 million jobs in last three years

According to Pakistan Bureau of Statistics (PBS), 5.5 million jobs have been created in Pakistan over the last three years as a result of the country’s economic boost and increased local manufacturing of cars, mobile phones, and other commodities. These jobs creations and employments are significant as the country and the entire world was severely hit by the global COVID-19 Pandemic.

The average number of new jobs created per year was 1.84 million, the highest yearly average of new job creation during the 2008-18 decade. The information comes from the PBS‘ Labour Force Survey.

According to the report, Sindh province remained an exception, with an unemployment rate of only 3.9 percent in three years. While the unemployment rate increased in all three provinces, with Khyber Pakhtunkhwa recording the highest rate at 8.8 percent during the previous fiscal year.

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The official unemployment rate, which was 5.8 percent in June 2018, rose to 6.3 percent at the end of the third year of the PTI rule. The lowest unemployment rate was 3.9 percent in Sindh, which is governed by the Pakistan Peoples Party, but it was 8.8 percent in Khyber Pakhtunkhwa, followed by 6.8 percent in Punjab which are being ruled by Pakistan Tehreek-e-Insaf.

Approximately 6.9 million jobs were created during the PPP’s five-year period (2008-13), with a yearly average of 1.4 million. In comparison, during the PML-tenure N’s from 2013 to 2018, approximately 5.7 million jobs were created, with an average of 1.14 million per year.

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Prime Minister Imran Khan promised to create 10 million jobs during his government’s tenure, and the creation of 5.5 million jobs suggested that the economy could generate a total of 9 million jobs by 2023 if current trends continue. Special incentives are being given to the freelancers and startups which are going to help with the overall employment situation for youngsters.

Khyber Pakhtunkhwa’s unemployment rate was 7.2 percent three years ago, but it jumped to 8.8 percent in the last fiscal year, the highest among the four federating units. In the previous fiscal year, the unemployment rate in Punjab was 6.8 percent, up from 6 percent. In Sindh, however, it was 3.9 percent last year, down from 4.9 percent three years ago. The joblessness rate was recorded at 4.3% in Balochistan –slightly higher than three years ago.

In terms of sector, agriculture’s share of total employment fell from 38.5 percent three years ago to 37.4 percent. However, the industrial sector’s share increased from 23.7 percent to 25.4 percent. The employment share of the services sector fell from nearly 38 percent to 37.2 percent.

In absolute terms, approximately 2.5 million jobs have been created in the industrial sector over the last three years, compared to 2.1 million during the five-year PML-N tenure. Another 1.4 million jobs were created in agriculture, and another 1.7 million in the service sector. 4.3 million jobs were created in the services sector during the PML-N tenure.

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