The economic instability of Pakistan is costing it its talent and skillset, which if valued and monetised could have added to the country’s development and growth.
One such individual is Asad Ejaz Butt, who stands out as one of Pakistan’s most promising talents, according to a Bloomberg report.
Fueled by a desire to foster Pakistan’s growth, Butt, an established economist, returned to his homeland after finishing his graduate studies in Canada.
However, even prestigious roles under two finance ministers could not cover his living expenses due to the economic instability in his country. With Pakistan facing the highest inflation rates in Asia, Butt found it increasingly difficult to afford even the basic necessities, including rent.
Consequently, he made the tough decision to leave his esteemed government position and relocate back to North America to regain his footing and pursue another advanced degree, Bloomberg reported.
Butt’s case is not a singular incident and mirrors a broader trend in Pakistan, where the ongoing brain drain is stripping away the nation’s talent during one of its most challenging periods.
Economic instability is driving skilled individuals from various sectors—including banking, healthcare, and technology—overseas, depriving the country of crucial expertise and resources. Basic goods have become luxuries; in Karachi, milk prices now exceed those found in Paris.
What UN report on Pakistan says?
According to a report by the United Nations (UN), 2023 saw the highest emigration rates in years in Pakistan, particularly among the educated and most qualified ones.
A staggering 1 million skilled workers—including doctors, engineers, and managers—have left Pakistan in just the past three years. This made it one of the top ten nations facing mass emigration, the report added.
The country’s dwindling dollar reserves to meet debt obligations forced the International Monetary Fund to intervene with a $7 billion bailout.
This mass exodus is a great threat to Pakistan which desperately needs its skilled talent to push it out of the economic crisis that the country has been facing for over a decade.
10 million Pakistanis left the country since 2008: Report
In another report released by the Pulse Consultant, around 10 million Pakistanis fled the country to look for better opportunities abroad over the last 17 years.
It states that the highest number of emigrants was recorded during the Pakistan Muslim League-Nawaz’s (PML-N) tenure from 2013 to 2018.
According to the report titled ‘An Overview of Pakistani Emigration Patterns’, a total of 95,56,507 people emigrated from Pakistan over the last 17 years.
