Pakistan Crisis: People are losing their jobs fast in Pakistan which is facing economic crisis. In the midst of the global recession, the trend of retrenchment of jobs in big countries like America has also spread in Pakistan, now a big Chinese company has announced the removal of 11% of its employees. Due to this, the people of Pakistan, who were already facing cash crisis, were worried about basic needs like LPG gas, petrol, electricity, bread, edible oil and medicine.
On behalf of Daraz (startup company), an e-commerce platform owned by Chinese Alibaba, it was said that it will reduce the number of employees. Daraz CEO Bjarke Mikkelsen said in a statement that 11% of the workforce is being laid off. This news has been published by Pakistani newspaper The Express Tribune. Talking to the Express Tribune, Topline Securities ICT analyst Nasheed Malik said, “Due to the decline in funding of Daraz Company in the last quarter of 2022, layoffs have started.” However, it has not been told how the funding declined.
Pak shocked by Chinese owned e-commerce platform
Daraz’s decision will increase the job crisis in Pakistan. Many companies were already closing down here. Daraz’s Pakistani executives say that startups have prioritized growth over profitability and cash flow, which is constantly running out of cash. At the same time, regarding the layoff of 11% employees, Daraz Group said that this step was taken due to difficult market environment, Ukraine crisis, supply chain disruption, rising inflation, high taxes and low government subsidy cuts.
3,000 people will lose their jobs
According to Daraz Chief Executive Officer Bjarke Mikkelsen, 3,000 full-time local employees will be affected by the layoffs. Mikkelsen told a media group that Pakistan and Bangladesh are the biggest markets of his group. His group also works in Sri Lanka and Nepal.
