“A country’s economy is said to be in a downturn when there are fewer opportunities and employment available. Both unemployment and price declines are present.”
Any nation’s economy serves as its foundation, and if it is unstable, it will gradually bring about economic catastrophe. Citizens will be forced to choose the incorrect road because of unemployment and a lack of possibilities, which will cause an already deteriorating condition to worsen
We can observe that our nation is experiencing the same problems if we look at Pakistan’s economic situation.
Factors affecting economic downfall
The most predominant of the several causes of economic inflation in Pakistan are listed below;
- Political instability
- Poverty
- Unemployment
- Public debt
Political conditions
Our country has gone through many political crises since 1947, we are independent since then but slaves of this political battle for so long. I don’t understand why people support politicians so fervently and emotionally. Well, they don’t even know why this attachment exists. As a wise person once said it;
“Man is a great lawyer for himself and judge for others.”
Poverty
Pakistan’s poverty rate increased to 39.3% in 2021 and is predicted to stay at 39.2% in 2022. Poverty word is horrifying for everyone, no one wants to be called poor but this is a bitter reality that 25% of our population is living under the poverty line. Well, this condition can be made better if the youth becomes skilled.
Unemployment
It is not ideal for young people to continue receiving pocket money from their parents when they turn 20. According to a survey Pakistan’s unemployment rate is expected to reach 12% in 2022. One reason contributing to this factor is that young people wait for their degrees to complete so that they can start working rather than having skills to make money.
Public debt
Pakistan is facing public debt which is leading to poor economic conditions. The main causes of public debt are;
- Spending more than the country is earning
- Loans government takes from IMF and does not return it in time
- Poor planning of developmental programs or failure of these programs etc
The solution to economic problems in Pakistan
These economic conditions can get better if employment rates and standards are increased. It can also get better if students learn multiple skills to avail of better opportunities and the institutes hire employees on merit bases.
Institutes providing skills
Universities have felt pressure from the international market and they have thought critically about how they can compete with it. Several universities have started skilled-based programs in this regard. The list of universities is;
USA (University of South Asia), National skill university, Islamabad, Academy of business and computers, UCP (University of Central Punjab)
USA (University of South Asia)
All universities contributed their part to society’s development and so did the USA. It has formulated programs that are dependent on each other. In the first semester they teach four different courses;
- Content writing
- Digital marketing
- Web Development
- Creative design suit
These four skills are a perfect mash-up to apply and survive in society. After completing the course students are able to practice them on campus. In 2022 these skills are in high demand in the digital market and those candidates having these skills will surely make their mark in the society.
