The worldwide impact of the Covid-19 epidemic is rather dubious. The nations strive to overcome their economic impact. Production, distribution and living style have receive affect. The outbreak of the Corona virus took more than five lakes worldwide and crippled the global economy. Substantial economic damage is expected in the emerging countries, such as Pakistan. The impact of the Covid 19 pandemic on the economy of Pakistan is monitoring the link between cases frequency and the series of checks.
In addition, it analyses the effects on Pakistan’s economy from the production and consumption shocks caused by the Covid 19 epidemic. On the supply side, the local and international supply chains have stopped this epidemic and there has been a lack of supplies and requirements. On the consumer side, the decline in local and foreign demand led to enormous redundancies and scares of poverty. State and Government Bank of Pakistan have launched several aid schemes to manage the issue, but individuals remain exposed to financial and medical suffering because of poor health facilities and absence of community security. Such situations are unusual and demand for quick adjustments to policy to save millions from viruses and poverty. Only when the medical emergency occurred Pakistan’s extremely shaky economy moved towards stability.
Experts believe that the economic impact of the epidemic would significantly wreak the rebuilding process in the country.
Effect of COVID on different scale of business:
The Corona Virus (COVID-19) epidemic has badly damaged the world economy and Pakistan. SME’s and other businesses are the main victims of the COVID-19 epidemic. The impact on companies of the COVID-19 epidemic and to give policy recommendations that would assist businesses to reduce economic losses and survive the crisis. In addition to the policy documents, scientific papers and pertinent reports are included in the survey. We have developed an exploration technique with an overview of the material accessible.
Inferential analytics have assessed the data. The results of some economic concern researches show that the majority of the involved companies are receiving bad effects and face a range of challenges. This is including financial problems, disruptions to the production process, and a fall in demand, reduce sales and profit. Furthermore, over 83% of companies are not prepared for this circumstance and had no plans to manage it.
More than 33 percent of cooperating companies have also stated that if the lockdown ends more than two months, businesses could not endure. Several policy recommendations have been proposed to alleviate the harmful impacts on the economy of the pandemic. While our advice on policies may not be enough to assist small companies to overcome the continuing crisis, these actions can enable them to overcome the storm.
Pakistan’s long and short-run:
The pandemic also battered Pakistan’s economy devastatingly. Economic decline in Pakistan, joblessness rises, and many industries are in trouble. The long-term effect of the epidemic is less worrying and worrying about Pakistan’s capital markets.
The exports of Pakistan consist largely of textile items. These shipments have fallen, with certain orders perhaps abandoned, since the COVID-19 issue began. All this will adversely affect foreign exchange reserves and the money supply in the end.