Pakistan economy is tumbling amid Corona pandemic across the country and the economic conditions of the world.
The coronavirus outbreak has killed thousands of people and infected more than 550,000 people around the world and around 1,495 people all over Pakistan. To control the accelerating spread of coronavirus cases across the country.
the government imposed a complete lockdown, and ask the military to aid in civil administration. The government decided to shut markets, shopping malls, restaurants and all the overcrowded places across Pakistan.
The lethal pandemic which is a world-shattering event bringing the world economy to a standstill can also destroy our economy which has been experiencing a great crisis for the last numerous years.
A great number of people in Pakistan belong to the lower socioeconomic class, rely on daily wages to procure a living. Their earning is being affected drastically with the current level of restrictions by the government.
Suspension of all the economic activities and construction activities making a great impact on earnings of Daily wage laborers, who are seeking opportunities to work but no one is offering them work due to lockdown.
The deadly virus is causing great iinfluence on Pakistan's current account deficit, which is certainly a serious deprivation in the economy of Pakistan,
The CAD was around $8.614 billion in the last years. moderate growth in export and investment into and out of the country helped to decline the current account deficit progressively, stood at $367 million in December.
The pandemic outbreak also affecting trading which is destroying the economy.
Pakistan Stock market crashed four times and trading halted for 45 minutes each time a massive dropped observed, the market dropped stood because of unforeseen occurrences due to Corona pandemic in the country, the stock market tumbled 20% in last two months.
Pakistan stock market is under selling pressure regardless last two sessions observed showed up development and partially regained.
Underprivileged people and people who earn on a daily basis are the ones who affected the most from this virus. To provide the daily food PM of Pakistan also relief some funds. He approved 200 billion funds, 3000 will be given to each family that is quite less but, still, it’s a great initiative indeed.
Apart from this, people who are living a privileged life should also help needy ones around them to cope with the financial crisis people are facing throughout this pandemic.
