Pakistan’s economy has been severely affected by the COVID-19 epidemic, which has created a number of difficulties in a variety of areas.
Global economic downturns resulted in fewer commercial activities, reduced remittances, and interruptions in supply networks for the country.
Lockdowns intended to contain the virus resulted in widespread joblessness, which mostly affected Pakistan’s workforce, which is largely composed of daily wage earners and informal workers.
Both income disparity and poverty rates were made worse by this.
There was tremendous strain on the hospital system, which took funds away from programs aimed at economic development.
The global imposition of travel restrictions caused significant losses for the tourism and hospitality sectors.
Pakistan’s GDP growth collapsed in spite of government stimulus packages and monetary policy changes intended to lessen the economic impact, making already severe fiscal deficits and debt loads worse. The pandemic also revealed systemic flaws in social security, healthcare, and digital infrastructure, underscoring the pressing need for extensive changes.
Long-term recovery efforts will necessitate strategic planning, international cooperation, and sustainable policies to establish a resilient economy as the country continues to struggle with the health and economic ramifications.
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