As we all know the pandemic disease of World, which destroy everything within a week, every country fought against the coronavirus but couldn’t control the damage. Here, we are going to talk about economical crises in Pakistan due to coronavirus break down. The pandemic disease or coronavirus outbreak quickly in Pakistan and bring immeasurable economical crises. The disease separates due to few foreign travelers who came back after traveling and socializing which causes an outbreak.
It’s not about the economy who suffers a lot due to coronavirus but the residents suffer their loved ones live on stake due to coronavirus outbreak. Let us discuss a few major losses or crises of Pakistan’s economy faces within two weeks. The Pakistan economy crises are not low in numbers; these crises are going to be incurred in term of GDP growth reduction, including many other major sectors of Pakistan, airlines, industrial, FBR revenue loss, massive loss in import and export sector and many other private sectors reduction or loss, etc.
These losses are unaccountable and measures, no one could be able to access or tell the exact figure of losses ratio in detail and measure the losses growth in upcoming days. All governmental authorities are trying to save people and the economy as much as they can.
As we all know that our economy was faced many losses, rise, and fall due to political and other majors issues, but it rises again in a very difficult time and when we are able to think about something positive about the economical condition, in the meantime the pandemic disease outbreak in Pakistan and destroy our all hopes and efforts just in a few days.
As we all know that our economy directly or indirectly linked with private, government and semi-government sectors and business or jobs, many private and government offices are closed due to avoid social contacts which cause coronavirus outbreak and growth due to human touch, the droplets transferred from human to human through air and touch.
Only isolation and social distancing could prevent the growth of coronavirus in society, all big or small business effects due to social distancing, when we think to protect humanity we could expect the economy to drop at the same time. According to the planning commission of Pakistan, the total GDP size stood against one-fourth of Rs. 44 trillion, the total loss could be at least 10% of the country’s economy due to coronavirus outbreak, which could be expected in one quarter only.
As we all know many cities of Pakistan have a semi lockdown situation to avoid social contacts and prevent the growth of the coronavirus. No one could expect after the city lockdown the major cities of Pakistan are facing major revenue losses which going to proceed till mid of June, the losses are unimaginable.
Our many major industries and government sectors already facing massive losses and revenue reduction which already cross the estimated range of shortfall. If the coronavirus outbreak proceeds further and businesses close, the estimated revenue loss cross more than the total collection of the revenue till now.
When we talk about our FBR department it has been facing losses and reduction before the coronavirus outbreak, now the virus affects its annual revenue badly, the loss is beyond our expectation. The FBR department request for a reduction in annual target due to this pandemic disease in Pakistan, when the situation and condition become favorable the FBR will try to improve their performance and total country revenue.
When we talk about the banking sector and industrial sector the losses would cross 25% to 50% if the disease proceeds till June. It disrupts industrial import and export badly which causes a further economic reduction in Pakistan. The import and export or industrial sector are going to face around 4 billion loss till June as many orders had canceled by many countries and the situation going to proceed with the passage of time. The import sector had the same issue in terms of products prices reduction.
The import sector shrinks further, because of World economical changes and Coronavirus outbreak in Pakistan, which is declining Pakistan’s Economy day by day. The important ration would be decreased or shrink further due to the low consumption rate because of ongoing lockdown in Pakistan.
As Pakistan’s economy directly or indirectly generates 47% revenue from the commercial sector, like marriage or banquet halls, hotel industry, restaurants, and real estate sectors, etc. the virus and lockdown affect these sectors badly with almost zero revenue generation till the lockdown procedures. The utilization of these sectors might slow down but we could hope and pray to fast elimination of pandemic from the country.
As I have mentioned in the start that nobody could measure the exact loss ratio and Pakistan economy downfall exact figure due to this pandemic disease outbreak. We could pray to Allah as much as we can, for ourselves and others from this disease and economic stability. Stay isolate to yourselves from others, avoid social contacts not for yourselves but for others, and try to work from to gain lost country economy.
If success is a process with a number of defined steps, then it is just like any other process. So, what is the first step in any process?