Big Take Asia
Pakistan Is Getting Too Expensive For Its Middle Class – So They’re Leaving
Nov 5, 2024
Faseeh Mangi, Bloomberg’s Pakistan Bureau Chief, shares deep insights into Pakistan’s economic crisis, particularly the alarming exodus of skilled professionals. Asad Ijaz Bhatt, who returned to the U.S. after attempting to serve in Pakistan’s government, recounts his personal struggles amid rising living costs. They discuss the staggering rise in expenses impacting the middle class, the reasons behind the brain drain, and the long-term ramifications for Pakistan’s already fragile economy. The conversation underscores a nation at a critical juncture.
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Quick takeaways
- Rising living costs and stagnant wages in Pakistan are driving skilled professionals, like doctors and engineers, to seek better opportunities abroad.
- The ongoing economic crisis, intensified by IMF conditions and increasing taxes, is exacerbating the brain drain and threatening Pakistan's long-term recovery.
Deep dives
The Personal Journey of Migration
Asad Ijaz Bhatt, once a successful management consultant in Canada, made the surprising choice to return to Pakistan, driven by a deep passion to contribute to his home country. Initially, he found fulfillment in working for the government under prominent finance ministers, viewing his role as a chance to give back. However, over time, rising living costs and stagnant wages eroded his enthusiasm, forcing him to juggle multiple jobs just to make ends meet. Ultimately, after experiencing mounting financial pressures, Asad decided to seek opportunities abroad again, receiving a scholarship for a PhD in the United States and reflecting a broader trend of migration among educated Pakistanis.
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