Pakistan Rupee Exchange Rate
The latest data from the Bureau of Emigration and Overseas Employment indicates that over one million Pakistanis have ‘MOVED’ to Gulf countries since April of 2022.
The largest share, around 700,000 individuals, relocated to Saudi Arabia, followed by 229,000 to the United Arab Emirates (UAE), over 100,000 to Oman, and approximately 90,000 to Qatar.
The Directorate General of Immigration & Passports has seen a surge in daily visa applications, with numbers rising from 24,000 to 40,000.
Efforts are underway to increase the workforce and expedite visa processing to cope with this demand.
This migration trend is partly attributed to a sense of hopelessness among Pakistani youth due to ongoing political and economic challenges in the country.
The country’s economy has been struggling, with GDP growth plummeting from 6.1% to just 0.3%.
The vital large-scale manufacturing sector has entered a recessionary phase, with negative growth of -8.1%, compared to 10.6% growth the previous year.
Major car manufacturers have experienced an 80% drop in sales, and a crackdown on imports has adversely affected the textile sector, leaving millions unemployed.
This migration of skilled workers and their families is causing a reduction in remittances, further impacting the country’s economy.
Additionally, there is a growing skills gap in Pakistan, which is affecting its business capacity and skill development. This shortage of skilled labor may deter foreign investors when they consider returning to Pakistan in the future.
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** Taking the lead from Middle East Eye
