Increasing out-migration threatens Pakistan’s worn out economy

Hundreds of thousands of Pakistanis are leaving for jobs abroad amid the country’s financial and security woes -- a brain drain that threatens to further damage the struggling economy, reports Nikkei Asia.

Citing figures from the Bureau of Emigration and Overseas Employment, the world’s largest newspaper reported that 832,339 Pakistanis went overseas for work in 2022, the most since 2016 and the third-highest tally on record. Saudi Arabia was the most preferred destination, attracting 514,909.

Ahmad Jamal, an immigration lawyer in Quetta, said the actual number of people leaving is much larger since the data only covers work visas. He said many categories of emigrants are not included, such as those traveling out on permanent residency visas, student visas and family settlement visas.

The dire state of the Pakistani economy offers few reasons to stay. It is on the verge of collapse, with foreign exchange reserves down to $2.9 billion, enough to cover barely three weeks of imports. Inflation hit 27.6% on the year in January. Per capita income stands at $1,658.

Last week, talks with the International Monetary Fund for the revival of a $7 billion Extended Fund Facility -- vital for keeping the country afloat -- ended inconclusively.

Young Pakistanis, who account for the majority of the population, face bleak prospects. Pakistan's National Human Development Report in 2017 said 64% were younger than 30, while 29% were between the ages of 15 and 29.

“From security to the economy there are many repelling factors, which push youngsters like me away from my homeland," said Atiya Khan, a 25-year business development professional who has been living in the United Arab Emirates with her parents for two decades. She said she does not want to go back to Pakistan and is looking for options to settle in the West.

Tania Baloch, a journalist who previously published a magazine called Balochistan Inside in Karachi, emigrated to Canada a couple of years ago. “I left Pakistan because the future of my kids was not secure there,” she said.

Young people are not the only ones rushing for the exit.

Multiple immigration experts said people in their 40s and 50s are also trying to move out of the country.