'Condition of our neighbours is not good', World Bank said - 10 million Pakistanis may get trapped in the whirlpool of poverty

The World Bank has issued a dire economic assessment of Pakistan in its biennial report, stating that over 10 million citizens of this cash-strapped nation could become ensnared in a vicious cycle of poverty. The Washington-based lender has voiced this concern because of the weak 1.8% GDP growth rate and rising inflation, which hit 26% in the current fiscal year.

According to the World Bank's biennial Pakistan Development Outlook report, the nation might fall short of accomplishing nearly all of its major macroeconomic goals. As per the International Monetary Fund's guidelines, the country is expected to miss its primary budget target and incur a deficit for three years in a row, according to the foreign lender.

Syed Murtaza Muzaffari, lead author of the report, said that despite modest economic improvements in Pakistan, poverty alleviation efforts have proven inadequate. The World Bank report said the economic growth rate is projected to remain stable at 1.8%, while the poverty rate will remain at around 40%. Nearly 98 million Pakistanis already struggle with poverty.

Regarding those living just above the poverty line, it has been said in the report that out of these, about one crore people can reach below the poverty line.