Pakistan is grappling with a deepening economic crisis that has led to a mass exodus of skilled professionals, with over 13.53 million people having left the country, according to foreign media reports. The data, collected up to April this year, shows that these individuals have sought employment in more than 50 countries around the world.
Pakistan is now the second-largest country in South Asia in terms of emigration due to brain drain, trailing only behind India. The departure of educated and talented professionals is expected to have a significant long-term impact on the country’s development. In 2022 alone, 92,000 graduates and 350,000 skilled workers left the country, including 2,500 doctors, 6,500 accountants, and 5,534 engineers, according to a survey.
In addition to the brain drain, the country’s ongoing talks with the International Monetary Fund (IMF) have stalled, compounding the financial strain. As a result, the Pakistani government has been forced to rely heavily on domestic borrowing to cover the budget shortfall. According to Dawn news, the government is estimating a domestic debt requirement of 9.3 trillion Pakistani rupees for the next fiscal year to address the revenue and expenditure gap.
The country’s domestic debt has soared, increasing by 537 billion rupees as of July. Dawn further reported that the total domestic debt, which was 68.914 trillion rupees in June, climbed to 69 trillion rupees by July—a rise of 690 billion rupees within just a month. The rapid growth in government expenses and borrowing has trapped Pakistan in a cycle of mounting debt, leaving the economy in a precarious situation.
As economic pressures continue to mount, more people are looking to leave Pakistan, seeking better opportunities abroad. This growing exodus adds to the challenges the country faces in stabilizing its economy and addressing the gaps left by the departing skilled workforce.
