ISSN(Print): 2709-6254 | ISSN(Online) : 2709-6262 | ISSN-L : 2709-6254

Title

Economic Impact of Covid-19 outbreak on Pakistan Economy: A Way Forward


Authors

  1. Dr. Hina Ali
    Assistant Professor , Department of Economics , The Women University Multan, Punjab, Pakistan
  2. Iqra Sarwar
    Research Scholar , Department of Economics , The Women University Multan, Punjab, Pakistan
  3. Nazia Nasir
    MS Scholar , Department of Economics , The Women University Multan, Punjab, Pakistan

Abstract

The following research analyzed the prevailing tendency of corona virus (COVID-19) virulent disease in Pakistan and investigates its severe effects on the economic growth of Pakistan. To conduct this survey, a snowball sampling technique has been applied. To illustrate the effect of covid—19 on the growth/GDP of Pakistan, several indicators are used as a proxy. The outcomes of the research indicate that COVID-19 has joggled the Pakistan economy by forcing millions of individuals to remain safe at home which breaks down all the business activities. According to economic indicators, the COVID-19 disaster led Pakistan to the worst situation of unemployment where twenty-five million people pushed towards poverty and hunger. Different departments of the economy such as manufacture, Agriculture, media industry, travel and tourism and stock exchange are getting worst with the pandemic of covid-19. The biggest challenges faced by the community because of the corona virus outbreak in the country are financial insecurity, reduction in income, the anxiety of losing a job, shortage and food. The consequences of the study further indicate that lack of government agencies collaboration with local people, deficiency of COVID-19 diagnostic kits and unawareness about the seriousness of corona virus are the most important issue that becomes the reason of increment in corona virus cases very fast. This article proposes the long term and short term strategies that are necessary to alleviate the widely spread of this pandemic and to invigorate the economy of Pakistan.

Keywords

COVID-19, GDP, Outbreak, Pakistan

Article

Article # 1
Volume # 2
Issue # 2

DOI info

DOI Number: 10.47205/jdss.2021(2-II)01
DOI Link: http://doi.org/10.47205/jdss.2021(2-II)01

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