Pakistan is an under developed nation which has been suffering from crisis after crisis for the last many years and passing through political polarisation as well and with bad governance. While Pakistan’s economy is already on ventilator, the coronavirus which is bringing the world economy to a standstill, can destroy our economy like it destroys human body’s immune system and similarly this monster will hit adversely and make irreversible damage and all at once. Pakistan according to rough estimates may incur initial economic loss of Rs1.3tr due to coronavirus.
The Planning Commission estimated that the size of the country’s GDP stood at Rs44 trillion and one/fourth stood at Rs11 trillion, so the disruption caused by coronavirus is expected to cause at least 10 percent losses in the last quarter (April-June) that would stand at Rs1.1 trillion at least.
This lethal pandemic that began in the depths of China’s Hubei province spreading through the world has now besieged the whole nation and economy of Pakistan. There are now significant outbreaks in all territories and provinces of Pakistan and the first death reported was from Sindh while the rest of two from KPK province.
The economic fallout around the world due to the virus could include recessions in the US, euro-area and Japan, the slowest growth on record in China, and a total of $2.7 trillion in lost output—equivalent to the entire GDP of the UK. China will sustain because of its huge reserves.