The adverse effects of social media and the Internet on Pakistan’s economy have drawn the attention of the Overseas Investors Chamber of Commerce and Industry (OICCI).
According to Wireless and Internet Service Providers Association of Pakistan (WISPAP), internet speed has decreased by 30% to 40% in recent weeks. There are many hurdles to overcome, especially for the country’s expanding digital economy.
The impact on startup funding has been among the most concerning. The quantity of money companies received fell precipitously by 77% in 2023, while fewer agreements were made overall by 42%. The survival and expansion of new enterprises in Pakistan, which are crucial for innovation and job development, are under jeopardy due to this decline in financial support.
The burden is also being felt by freelancers, who bring in over $1 billion annually and are essential to Pakistan’s economy. Many people are finding it difficult to fulfil deadlines and maintain the quality of their job due to decreased internet speeds, endangering both their income and the whole economy.
The critical necessity to stabilize and enhance internet services in order to safeguard the nation’s economic future is highlighted by the OICCI’s warning.
