Karachi
Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister Information Technology, today issued a statement regarding The World Bank’s recent report highlights a major setback in poverty reduction, blaming policy failures and the collapse of an unsustainable growth model. Mian Zahid Hussain warned that poverty is expected to rise from 21.9% in 2018–19 to 25.3% by 2024–25, pushing 17 to 18 million more people into poverty.
Pakistan’s economy is structurally fragile, relying heavily on remittances and domestic consumption, which can no longer sustain high-productivity jobs. This weakness makes the 42.7% aspiring middle class, mainly employed informally, highly vulnerable to shocks like inflation, floods, and ongoing macroeconomic instability.
Mian Zahid Hussain warned that a human capital crisis is mortgaging our future. With 40% child stunting and 75% of primary kids struggling to read, the workforce lacks essential skills. High rural poverty compared to urban areas calls for a shift in national policy.
Mian Zahid Hussain emphasized the business community’s commitment to a new development path. He called the World Bank’s advice for bold, people-centered reforms a critical national mandate, highlighting the need for debt management, rationalized spending, and accelerating trade liberalization to boost private sector investment and create quality jobs.
Invest heavily in education, water, and sanitation to end poverty cycles. Mian Zahid Hussain warned against short-term fixes and urged focus on human capital and structural reforms for a resilient future.
