The Coronavirus, also known as COVID-19, was first reported in the city of Wuhan, the capital of Hubei province in central China, in December 2019. It is known as the worst outbreak of the current century and the worst after the 1920s epidemic. It has caused trouble. All around the world; almost every country in the world has good cases. Nearly 24,086,728 cases worldwide, of which 16,629,964 have recovered and 823,987 have died tragically, may their souls rest in peace. Coronavirus attacks the respiratory system and causes flu-like symptoms.
It caused panic in Pakistan, when the first case was reported on 26 February 2020. Currently, 294,193 cases have been confirmed, but the good news is that almost 97% of cases have been closed in Pakistan due to strong measures taken by the government to prevent the spread of disease, virus. These firm actions include the following:
∙ Disseminate handwashing information
∙ Use of PPE, especially masks and gloves
∙ Social isolation
∙ Lock down followed by smart locks
∙ Closure of all public places etc.
Along with the rest of the world, the virus has shaken Pakistan's economy. Pakistan is still a developing country and strives to eradicate poverty and improve the living conditions of people living below the poverty line. Leading people with the disease are small, medium and micro enterprises, traders, small businesses. The closure of non-essential businesses and the disruption of domestic service delivery have a significant impact on retail and retail sales, storage and communications, which are the major sub-sectors of the service sector. The closure of the world economy is an important point. Importing, exporting, supply chain, international and in-country travel, air travel has brought the economy forward. The textile and agriculture industry is the backbone of the country and is hit the hardest by the epidemic.
The biggest challenge for the government was to support the people of Pakistan. Those who lost their jobs, lost their business and were unable to run bread and butter. The government has introduced a small budget just to deal with the uncertainty due to the outbreak. Second, many patients were another test in the healthcare sector. In addition, the rehabilitation of segregation centers, the management of immigrants, strict monitoring of residential areas etc. To combat the coronavirus epidemic, the government has announced a tax exemption on the sale of oxygen gas, its cylinders and cryogenic tanks for a period of 3 months. The government has also lifted the ban on the export of all types of PPE. This is to help importers and exporters and to streamline the provision of essential anti-coronavirus products. All of these factors combined to put economic pressure on the country. The government has handled all of this very well, but the economic instability and uncertainty of the situation remains a major concern.
Pakistan's economy is projected to have a $15 billion contract due to the outbreak and a 10% decline in gross domestic product (GDP) in the fourth quarter of the 2020 financial year, according to Investment Bankers and risk analysts.
According to the World Bank, “Real GDP growth is expected to decrease by 1.3 percent in FY20 as the domestic and global economy declines sharply in the last four months of the financial year. The outbreak of COVID-19 will contribute to growth beyond the FY20. Under the underlying conditions, growth will remain silenced by FY21 before reaching 3.2 percent in FY22. Inflation is expected to reach 11.8 percent in the FY20 and decline gradually after that. ”
The current challenge for government is to control the spread of the virus, while minimizing financial losses and protecting the poorest. In the medium to long term, government should continue to focus on implementing structural reforms in order to promote sustainable investment and strengthen local businesses.
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