Unemployment Rate Dropped to 6.3% in PTI’s Last Year in Power

The federal government has launched the Pakistan Economic Survey (PES) 2021-22, detailing how the national economy performed in the current fiscal year that will end on 30 June 2022. According to PES 2021-22, Pakistan is the 5th most populous country in the world. Pakistan’s population stood at 224.78 million at the end of 2021. Out of this, 141.96 million people live in rural areas while 82.83 million people live in urban areas. Whereas, the population density stood at 282 per km. The number of employed persons increased from 61.71 million to 67.25 million during the same period. The unemployment rate which stood at 6.9% in FY2019-2020 dropped to 6.3% in FY2021-22. Pakistan ranks among the top 10 largest labor forces in the world. Pakistan’s labor force increased to 71.76 million in FY2021-22, which is up from the 65.5 million in FY2018-19. The number of employed persons increased from 61.71 million to 67.25 million during the same period. The unemployment rate which stood at 6.9% in FY2019-20 dropped to 6.3% in FY2021-22. Overall, the employment to population ratio stood at 42.1% in FY2021-22. This ratio is higher in males (64.1%) as compared to females (19.4%) during the same period. A sector-wise breakdown of the employment shows that the share of employment in the agriculture sector decreased from 39.2% in FY2019-20 to 37.4% in FY2021-22. The share of employment in the construction sector increased from 8% in FY2019-20 to 9.5% in FY2021-22. The PES 2021-22 notes that Pakistan can reap the benefits of a young demographic by adequately investing in the education and skills of the youth. In this regard, the “Youth Entrepreneurship Scheme” and “Hunermand Programme-Skills for All” programs have been launched.