The Economic Policy and Business Development think tank reported that Pakistan’s debt load has escalated to a critical level, with each citizen currently owing Rs. 318,252.
Over the previous ten years, the number had increased thrice. The amount of debt per person was Rs. 90,047 in 2013. The debt load has increased at an average annual pace of 13%, the research also stated. The debt doubles every six years at current rate.
At 70.2% of its gross domestic product, Pakistan’s total debt was now much higher than that of other nations in the area, according to the research.
The report recommended that the government expand the revenue base and immediately implement fiscal restraint.
