Between six and nine million Pakistanis are set to be dragged into poverty as a result of cataclysmic monsoon flooding linked to climate change, the World Bank said on Thursday.

Pakistan has been lashed by unprecedented monsoon rains this year which killed 1,700, devastated two million homes, and put a third of the nation underwater.

Eight million people remain displaced, living in ramshackle tent cities and scattered camps near the stagnant lakes which swallowed their belongings and livelihoods.

A World Bank report said Pakistan's poverty rate is expected to rise between 2.5 and 4 percentage points as a direct consequence of the floods.

Loss of jobs, livestock, harvests, houses, and the closure of schools — as well as spread of disease and rising food costs — threaten to put between 5.8 and 9 million in poverty, it said.

“Reversing these negative socio-economic effects is likely to take considerable time,” it added.

In the nation of 220 million some 20 per cent are already living below the poverty line, according to Asian Development Bank data.

Before the deluges began Pakistan's coffers were already in dire shape, with a cost-of-living crisis, a nose-diving rupee, and dwindling foreign exchange reserves.

The World Bank said inflation in the country is set to stand at 23pc for the financial year 2023.

Pakistan is responsible for less than 1pc of global greenhouse gasses, but places highly in rankings of nations vulnerable to extreme weather caused by climate change.

Credible research says severe weather events are becoming more frequent and more severe as a result of man-made emissions.

Islamabad has called for richer and more industrialised nations with larger carbon footprints to contribute to the aid effort as a form of climate justice.

“We have no space to give our economy a stimulus package, which would create jobs, and provide people with the sustainable incomes they need,” said climate change minister Sherry Rehman on Tuesday.

“We are still in a long, relentless struggle to save lives. “

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.