Effects of Coronavirus (COVID-19) on Pakistan’s Economy

Coronavirus (COVID-19) has a bad impact on the economy of Pakistan as well as the Global Market. The Virus comes in mid of December 2019, in the second-largest world economy China with a breaking down effect on all big economies including European Union, United States, Japan, and South Korea.

Until now this virus has reached 29 countries, affecting their economics, production sector, and supply market as well.

Imran Khan concerns about Coronavirus

The Prime Minister of Pakistan said that:

“There is a huge impact on the exports and the airlines. Both are also down due to this coronavirus. The only purpose of our economic community is to see which areas are affected due to the virus and how to help people in those areas.”

Imran khan(Prime Ministor of pakistan)

Coronavirus Effect on Oil Market in Pakistan

Former Pakistan Finance Minister Dr. Hafiz Pasha says:

“The oil market is affected and half of the price deceased in the open market. We need to decrease the oil price in Pakistan.”

Dr. Hafiz Pasha(former finance ministor)

The former chief executive officer of Islamabad and Lahore stock exchange Aftab Ahmad said that

“The data analyst and policymakers underestimate the impact of coronavirus on the economy of Pakistan.”

Aftab ahmad(former ceo of stock exchange)

The value of the dollar in Pakistan increased by 5 paise against the rupees on Thursday. But the dollar in the open market remained stable. Gas utilization in the industry may go down due to the lower cancellation of large public gatherings.

The effect of the Corona Virus on Pakistan’s economy is due to Iran which is one of the damage countries. Because most of the affected persons with coronavirus came from Iran. There is no good process for the screening at the border. When the Zairean came to Pakistan, that why it affected a lot of people in Pakistan.