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COVID19: hundreds of millions of Pakistanis can be unemployed
Experts in Pakistan have warned that the outbreak is having serious impacts and if not improved, the government's economic data will be shattered.
Business activity in the country has shrunk in the past two years and the government was running a difficult country with borrowings from friendly countries and the IMF. According to experts, the global Coronavirus crisis is causing serious threats to Pakistan's impoverished economy.
According to the federal government's preliminary estimates, the Coronavirus crisis could cost the Pakistani economy two and a half trillion rupees. According to the Ministry of Planning, businesses and shops are closed due to fears that more than 20 million workers and working people will lose their jobs.
According to the Planning Commission of Pakistan, the figures are based on the information and expert reviews from various government departments over the past two weeks.
Prime Minister Imran Khan's position during the Coventry Crisis has been that a poor country like Pakistan cannot afford lockdown. But to the world health experts, most countries have no choice but to prevent this deadly outbreak.
According to Karamat Ali, head of "Pillar", an activist working for the welfare of workers in Karachi, recent unemployment estimates are alarming. But they say the truth is even more bitter.
According to Karamat Ali, a large part of Pakistan's workforce is working in the informal sector, with the textile industry being the most important. "According to our estimates, one and a half million people in the country are only working for the welfare of their wives and children. This class is completely lost. They have no rights. They are dismissed from their jobs." Do not fall into the gaps, for this, the government has to manage social security. "
According to former Finance Minister Dr. Hafiz Pasha and former Governor of the State Bank of Pakistan, according to Lockdown and unemployment, one and a half million more people can fall below the poverty line.
In a recent article on the potential economic loss of the Coronavirus, both experts warned that the government's tax revenue would be drastically reduced while spending would increase. The remittances sent to Pakistanis abroad will decrease and exports will be affected, which will have a direct impact on the balance of payments.
In view of these conditions, global financial institutions have predicted a significant decline in Pakistan's economic output. Moody's Investors, based in New York, said in its analysis that Pakistan's growth rate could fall to two percent during the current financial year, according to the Asian Development Bank.
Source: DW
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