Every Pakistani family needs Rs53,000 monthly for food: survey

An average Pakistani family requires Rs53,000 per month for healthy food, according to the Economic Survey 2023-24 released by the federal government.

The survey reports a growth rate of 2.3 percent in the last fiscal year, lower than the World Bank's estimate of 1.8 percent. 

The national income per person stands at $1680, which is equal to an annual household income of $6720 for a family of four.

The survey also reveals a decline in investment, currently, at 14 percent of GDP, which is lower than other regional countries.

The main challenges faced by industries include rising production costs and electricity prices, the report mentioned.

On the expenditure side, the primary balance is in surplus, but the overall budget deficit stands at 3.7 percent of GDP, expected to rise to 6.5 percent for the entire financial year. 

Interest payments account for 40 percent of total expenditure, driven by high interest rates.

The unemployment rate stands at 6.3 percent, the government cited the Labor Force Survey 2021 in its report.

Social welfare programs, such as Benazir Income Support Program and educational scholarships, have benefited millions, but the survey highlights the "poor economic condition" of the people.

According to the details, the financial distress among the population is exacerbated by IMF programs, reduced government spending, and increased tax rates.