HOW IS COVID-19 AFFECTING THE ECONOMY OF PAKISTAN

As millions of people lose their jobs around the world due to COVID-19, the number of people below poverty line in Pakistan may double and reach upto 125 million

Coronavirus pandemic has effected the global economy to a great extent. It has financial implications on every sector of life. Millions of people worldwide have lost their jobs including the superpowers like United States and Europe. Our country Pakistan also is affected from the global pandemic financially.

In Pakistan, 50 to 60 million people are below poverty line and daily wage workers, who will suffer the most. It has been revealed by the official of the Planning Commission that due to COVID-19, these 50 to 60 million figure is expected to double at around 125 million while 20 million people are expected to lose their jobs due to the pandemic.

The harvesting season of wheat is approaching and there are increasing apprehensions that the ongoing pandemic might affect rural population very negatively. A rough estimate suggests that approximately 4.2 million salaried class laborers could end up getting unemployed by the end of this period.

Valet parking, waiters and street vendors are in a serious financial crisis because of COVID-19. In routine days, they receive their salaries, we usually tip or give extra money fifty or sometimes hundred rupees to them, with that, they somehow manage to earn their livelihood. Now, because of the COVID-19 pandemic, they are mostly fired from their jobs or not getting their salaried on time which has made their lives miserable.

Prime Minister Imran Khan has taken a stand to strive for the economic wellbeing of the poor people and announced a historical economic relief package of $ 8 billion. I am hopeful that we will emerge victorious from this global crisis but I request all of you to look after and take care of the people who are being hit economy by the pandemic.