The Overseas Investors Chamber of Commerce & Industry (OICCI) has raised serious concerns about the negative impact that disruptions to internet and social media services are having on Pakistan’s economy.
According to the Wireless and Internet Service Providers Association of Pakistan (WISPAP), internet speeds have dropped by 30% to 40% in recent weeks. This slowdown has created significant challenges, especially for the country’s growing digital economy.
One of the most alarming effects has been on startup funding. In 2023, there was a massive 77% decline in the amount of funding startups received, along with a 42% reduction in the number of deals made. This drop in financial support is threatening the survival and growth of new businesses in Pakistan, which are essential for innovation and job creation.
Freelancers, who play a vital role in Pakistan’s economy by contributing more than $1 billion each year, are also feeling the strain. With slower internet speeds, many are struggling to meet deadlines and maintain the quality of their work, putting their income and the broader economy at risk.
The OICCI’s warning highlights the urgent need to stabilize and improve internet services to protect the country’s economic future.
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