The 62 million population of country has fallen below poverty line in FY09. The State Bank of Pakistan in its annual report of economy of the county for last fiscal unveiled that World Bank’s task force on food security has estimated that the Head Count Ratio (HCR) regarding poverty increased in Pakistan to 33.8 per cent in FY08 and 36.1 per cent in FY09, indicating that 62 million population of the country might have fallen below poverty line in FY09.

SBP quoting the interim report of the Panel of Economists constituted by the government and Planning Commission, pointed out that as many as 10 million more people were expected to fall into the poverty trap.

The interim report ‘Economic Stabilisation with a Human Face’ states that headcount ratio in the country may have risen by 3.5 percentage points in FY08 from 22.3 percent in FY06. Going ahead, a further rise is expected in FY09 by additional 2.7 percentage points. This brings the headcount ratio figures in the country at 28.5 per cent in FY09, SBP maintains.

The central bank pointed out that recent data suggests that between 2005 and 2009, more than 12 to 14 million people are expected to have slipped into poverty. Considering these figures, it is estimated that poverty may have risen between 30 to 35pc in FY09. SBP predicted that the global economic crisis, decline in manufacturing sector in the country and closure of industries due to power crisis is likely to push more people in poverty.