In Karachi, the United Nations has issued a warning, indicating a significant decline in Pakistan’s middle-class population from 42 percent to 33 percent.
According to a report from the United Nations Development Programme (UNDP), this decline is primarily attributed to the ongoing economic crisis. The middle class, known for its selfless pursuits, is facing diminishing prospects, while the elite continues to exert influence over both the middle and lower classes, often seeking to gain favor with intellectuals from this demographic.
Economist Hafeez Pasha has identified key factors contributing to this phenomenon, including economic instability and a decrease in purchasing power. Inflation is rapidly driving up poverty rates, with an annual 10% rise in unemployment resulting in an additional three million individuals slipping into the ranks of the impoverished each year. Furthermore, a disproportionate amount of income, around 20 to 30 percent, is retained by the wealthy, while the middle and lower classes allocate a staggering 70 to 80 percent of their earnings towards basic sustenance.
This unequal wealth distribution is perpetuating the enrichment of the already affluent. If this trend persists, it is anticipated that an additional two million people will be pushed below the poverty line in the near future.
