Pakistan Economic Crisis: Due to the financial crisis in Pakistan, the price of essential commodities has risen sharply.
There is an economic crisis in Pakistan. Following this, last year’s floods also caused great damage. This led to monetary inflation. Economists are also saying that Pakistan, which is suffering due to price rise and inflation, will face more serious economic crisis in the coming month.
In this case, while Pakistan is importing most of the goods from abroad, the imported goods have decreased to protect the country’s foreign exchange. As a result, there is a shortage of food and employment is also affected. Pakistan’s inflation is said to have increased by 47 percent in the week ending March 22. The country’s foreign exchange reserves are seen to have increased to $10.14 billion in the week ended March 17.
increase in price
Also, the price of essential commodities has skyrocketed. The price of onion alone has increased by 228.28 percent compared to last year. Similarly, the price of wheat flour has increased by 120.66 percent, while the price of cigarettes has increased by 165.88 percent. It has been reported that the price of Lipton tea has increased by 94.60 percent.
Gas prices increased by 108.38 percent in the first quarter of 2023. Diesel price has increased by 102.84 percent and petrol price by 81.17 percent. Following this, the price of fruits has also increased. Due to this, the middle and lower class people are suffering severely.
Drug shortage
Apart from this, there is a shortage of life-saving medicines. There is a severe shortage of imported vaccines and anesthetics in both public and private hospitals.
Some medicines are manufactured in Pakistan. However, vaccines and anti-cancer drugs are imported from abroad. This has led to a shortage of imported pharmaceuticals. As the price of fuel and essential commodities have already gone up, people are suffering severely due to shortage of medicine.
Meanwhile, inflation in Pakistan is increasing day by day. Weekly inflation has crossed 40 percent. For the second time in five months, inflation has risen above 40 percent. It is said that due to this, the problems like increase in price of petrol and diesel, increase in price of essential commodities and shortage of medicine have come.