Categories: Business

COVID-19: 3 million people in Pakistan may have to wash their hands, the economy collapses due to lockdown


3 million job loses expected in Pakistan due to COVID-19

Islamabad Nearly 3 million people are feared to have lost their jobs due to the Corona virus epidemic in Pakistan facing a cash-crunch. The Ministry of Finance gave this information in Parliament on Friday. In response to a question asked by MP Mustaq Ahmed on the damage caused by the epidemic to the economy, the Finance Ministry said that the employment of 10 lakh people could be lost in the industrial sector, the remaining 20 lakh jobs could be cut in the services sector.

The Finance Ministry, citing the Pakistan Institute of Development Economics Study, said that out of an estimated 1.8 crore jobs in agriculture, service and industrial sectors, a lot more jobs could go. Corona virus infection is spreading rapidly in Pakistan. The first case here was revealed on 26 February. Till now 89,249 people have been infected with the disease and 1838 people have died.

Prime Minister Imran Khan has called the harsh lockdown a mistake as it has ruined the economy. Khan, after reviewing the corona virus situation on Monday, said that lockdown is not a solution, it can only slow down the pace of infection. Therefore, it was a mistake to shut down industries and businesses in the country.

The Finance Ministry said on Friday that the number of poor living in the country will also increase from the current 24.3 percent to 33.5 percent. Similarly, the fiscal deficit is also expected to increase from the initial target of 7.5 percent of GDP to 9.4 percent.

The ministry said that the country's exports also fell from $ 25 billion to $ 22 billion due to the closure of trade with the United States, European Union, Britain and Middle East. Remittances also declined from $ 23 billion to $ 21 billion.

This post was published on June 6, 2020 11:33 am

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