The World Economic Forum (WEF) has identified the top five risks facing Pakistan facing economic crisis. Debt crisis, persistent and/or rapid inflation, state collapse, failure of cyber security measures and concentration of digital power are the top threats facing the country, said WEF in its report- ‘Global Risks 2023’, reports Dawn. There are five risks. Thursday (January 12). The global forum said that Pakistan is facing a major threat of hunger and distress amid the prevailing cost-of-life crisis.
The current livelihood crisis is likely to be exacerbated by a combination of extreme weather events and disrupted supplies, the report said. “(A combination of) extreme weather events and disrupted supplies could lead to the current crisis of hunger and distress for millions of people in countries dependent on imports or turn an energy crisis into a humanitarian crisis in the poorest emerging countries Market” added in the report.
The WEF said affordability and availability of needs could fuel social and political instability and exacerbate instability not only in Pakistan, but also in countries such as Tunisia, Ghana, Lebanon and Egypt – which together are facing food and debt crises. are facing.
The impact of insecurity will continue to be felt in Pakistan, as well as increased volatility due to food and debt crises, said Mishaal Pakistan Amir Jahangir, chief executive officer of the World Economic Forum’s partners Institute for New Economy and Societies Platforms. As a result, a potentially more technology-based decision-making leadership structure has emerged, said a Geo News report on Thursday.
The WEF identified the livelihood crisis as the biggest short-term risk while climate mitigation and climate adaptation failure is the biggest long-term concern. It also said that water scarcity is becoming widespread in Pakistan, particularly affecting women and girls responsible for water collection, with implications for health and education outcomes.
The comments from the global forum come at a time when Pakistani Prime Minister Shehbaz Sharif will seek a fresh economic package from the United Arab Emirates (UAE) during his two-day visit to the Middle Eastern country.
Meanwhile, Saudi Arabia has agreed to assist Pakistan by conducting a feasibility study to expand its investments in Islamabad to $10 billion, while deposits with the State Bank of Pakistan after rolling over $3 billion in December The amount has been increased to $5 billion.
On Monday (January 9), international donors committed more than $9 billion to help Pakistan recover from last year’s devastating floods – which killed at least 1,700 people and displaced nearly eight million. Some of these donors include the World Bank, the European Union and the Islamic Development Bank.
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