Pakistan’s economic condition before and after COVID-19 pandemic Pakistan’s economic condition before and after COVID-19 pandemic Pakistan’s economic condition before and after COVID-19 pandemic
Before COVID-19 After COVID-19 References
Unemployment rate was 10.8 Now it is 14.7 per cent According to ADB (Asian development bank) estimate 946,000 people will be un- employed in Pak due to this pandemic (International, 2021)
Inflation rate of goods was 9.4pc Now after this pandemic it goes down to average 7.4pc (International, 2021)
Pakistan’s currency situation: 1 US$= 160.8 rupee
Pak rupee depreciate against US$1 by 17.7 and expected to be 1 US$=178.5 rupee in 2024
(International, 2021)
Imports profit: 36.56 billion It declined to 31.42 billion (Baloch, 2017)
GDP expected growth was 3.3-3.4 per cent Now it is only expected to be 2-2.8 per cent (Almas & Macroeconomics, 2020)
Pakistan loses textile export share from 2.2pc to 1.7pc (Mustafa, 2018)
Before crisis government was expecting to contain deficit at 7.4-7.5 per cent It is now expected to hit 9 per cent due to increasing expenditure demand and fall in taxes (Almas & Macroeconomics, 2020)
In hypothetical worst scenario discussion ADB projected that there will be $1.5 billion loss to agriculture sector (Rana, 2020)
And hotel and restraints will face $2.4 million losses (Rana, 2020)