Impacts of COVID-19 on the Economy of Pakistan
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Author: Hashmat Ullah Khan , Ruqia and Chen Yiling
Author Address: School of International and Public Affairs and School of Economics, Jilin University, 2699 Qianjin St, Chaoyang District, Changchun, Changchun, Jilin (China)
Keywords: COVID-19, economy, enterprises, impacts
JEL Codes: G20, H20, J30, J65
Abstract
The deadly coronavirus has affected not only the lives of the people but also the economies of all states of the world. Mainly the lockdown to control the spread of the virus has affected economies. The primary objective of this study was to explore the impacts of novel coronavirus pneumonia on the economy of Pakistan and the government response to it. It has also severely affected the already vulnerable economy of Pakistan by limiting the economic activities, a lot of industrial units and small and medium-sized enterprises either stopped or limited their productions, foreign trade decreased by 40.74 percent, affected the services sector, reduced the tax collection volume, 2.06 million people lost their jobs, increased poverty ratio, tourism industry ruined, and GDP recorded negative for the first time in the history (0.38 percent). The pandemic not only affected the economy of the state but also severely affected the individual economies. The government of Pakistan released some relief packages for industries and poor people but could not control the impacts of a pandemic on the economy. Pakistan is required to formulate and implement comprehensive microeconomic policies to reduce economic losses.
Description
Indian Journal of Economics and Development
Volume 17 No. 2, 2021, 410-419
DOI: https://doi.org/10.35716/IJED/21036
Indexed in Clarivate Analytics (ESCI) of WoS
Scopus: Title Accepted
NAAS Score: 5.15