The rising urban middle-class in Pakistan appears to have accepted the obvious influence of the American dollar in the country's economy and in their daily lives, as the majority of the segment is now looking for ways to earn in dollars or other foreign currencies.
Earning in dollars is critical for many people in this inflationary period in order to maintain their standard of living. And, in order to earn dollars or other foreign currencies, migration to the United States, United Kingdom, Canada, or Australia has become a top priority.
According to data recently released by the Bureau of Emigration and Overseas Employment (BEOE), approximately 832,339
Pakistanis will leave the country in 2022 in search of a better future.
The working and business class is much more concerned now about the state of the country’s economy and the looming risk of default.
As per the State Bank of Pakistan (SBP), Pakistan’s total foreign reserves currently stand at around $8.74 billion, whereas the value of the Pakistani rupee against the dollar is hovering around Rs276.58, the highest in the country’s history.
Interestingly though, a majority of the Pakistanis heading abroad are not professionals. Ordinary citizens, with little to no experience, are heading to greener-pastures to try their luck with hopes of getting a well-paid job opportunity.