The prevailing economic crunch is bearing its adverse effects on the national job market. The economic slowdown has caused some industries to lay off a large number of workers.
Speaking in this regard, Head of Research at Ismail Iqbal Securities, Fahad Rauf, said that the textile and technology sectors have cut thousands of jobs as these industries have been affected the most due to the economic crunch.
Many tech companies have laid off workers while some have shut down operations. International buyers have canceled textile export orders due to fear of global recession, he added.
Saad Hashemy, Executive Director of BMA Capital, also shared a similar view and said that the rate of employment has decreased due to the slowdown in the national economy.
It is important to note here that the Economic Survey 2021-22 published last month had shown that the national employment rate witnessed significant improvement between FY 2018-19 and 2020-21.
At the end of FY 2021-22, the national unemployment rate dropped to 6.3%. Between FY 2018-19 and 2020-21, 2.08 million jobs were created each year against the expected 1.4 million jobs.
Via: Tribune
I think title should be “Regime changes Wipes Off Thousands of Jobs From Pakistani Market”