As an impact of Coronavirus which is hitting the country hard, the Ministry of Planning has estimated the expected dent to economy in two months due to the current outbreak of the Coronavirus, according to the estimates at Rs. 2000 to 2500 billion could be the total damage to the economy of Pakistan while it will result in the unemployment of one crore 23 lakh to one crore 85 lakh people. Depending on the level, the intermediate level is the complete lockdown of the country.
At an inter-ministerial meeting held at the Ministry of Planning yesterday, data on loss from lockdown was taken. These figures are provided by the Pakistan Institute of Development Economics and various government agencies.
The Ministry of Planning estimates the loss in case of limited lockdowns at Rs.1,200 billion, in the case of medium lockdowns at Rs.1960 billion and in the case of a full lockdown Rs.2500 billion. These losses are estimated based on business losses, tax revenue losses, global trade losses, and unemployment losses.
These initial figures are much higher than the estimates of former government officials Hafiz Pasha and Shahid Kakar, who estimated the losses from Rs.891 billion to Rs.1,600 billion.
The Deputy Chairman Planning Commission Dr. Jehanzeb Khan told reporters that the lockdown will have serious impacts on the country’s economy and that the government’s economic data will be scrapped. 2.2 percent. Medium-level lockdowns in which most of the promotions are closed and only the necessary items open will result in 12.3 million people losing their jobs.
With full lockdown, the government estimates that the employment of more than 18.5 million people, including two-thirds of the daily wage workers, will be affected. As far as government revenues are concerned, it has become easy for the FBR to put its unhappiness in Corona’s account. Deputy Chairman Planning Commission Dr. Jehanzeb estimates that the current situation will reduce domestic imports by 30 to 60 percent while in the last four quarters of the fiscal year the dollar will have an impact on exports by 10 percent.