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Economic Slowdown in US Causing Setback to Pakistan Job Industry

Economic Slowdown in United States of America Causing Massive Setback to Already Trembling Economy & Job Industry in Pakistan:

According to rising concerns from banks and analysts, the US economy could enter a recession next year, as a sudden spell of pessimism strikes financial markets.

Despite the fact that important aspects of the economy, such as the employment market and consumer spending, remain strong, there are growing concerns that rising borrowing costs for individuals and businesses, following years of near-zero interest rates, might lead to a sharp slowdown.

So far this year, the Federal Reserve has lifted interest rates by 0.75 percentage point, with officials indicating that more aggressive rises may be required to calm the economy.

The coronavirus pandemic’s unpredictability, as well as Russia’s invasion of Ukraine, are adding to the unease.

Impact on Pakistan’s already shaky economy and Job market:

The onset of the global economic crisis, combined with growing production costs, soaring fuel prices and power tariffs, rising commodity prices, and a significant reduction in the local currency value, are among the several factors identified for the textile industry’s demise in Pakistan.

According to the sources, US multinational retail corporation hold multi million dollars shipment from Pakistan causing much losses to the local textile industry.

It is a developing story that Yunus, Artistic and Soorty Textiles has removed approximately more than 6K employees in total.

This Year 2022 Only, working 180 Looms have been shut down in Pakistan according to the sources.

Meanwhile, according to government estimates, a heatwave has created a surge in electricity consumption, resulting in a shortfall of over 7,000 megawatts (one-fifth of Pakistan’s generation capacity) on several days this month.

Also Read: Reon Energy and Artistic Milliners Announces 8.5 MW Solar Power Project

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