IMPACT OF COVID-19 ON ECONOMY OF PAKISTAN

The Covid-19 Pandemic has affected the economy of Pakistan very much. The aim of this study is to estimate the overall economic contraction of Pakistan due to pandemic and lockdown measures. It also tells us that how we should keep our self well-prepared for the stability of the economy of the country in case of unforeseen pandemics and other natural disasters. The research was made using GDP, per capita GDP, GNI, un-employment rate, inflation rate, HDI and net exports as our independent variables. The sampled data of these variables were collected from the reliable sources like State Bank of Pakistan, World Bank, International Monetary Fund (IMF), Statista, and Statistical Bureau of Pakistan. The sampled data was then analyzed to check the overall economic condition of the country. In this research we have used secondary data from various reliable sources and analyzed the collected data using descriptive analysis, and regression analysis tests in SPSS software. The analyzed data is of quantitative nature. The study concluded that the current covid-19 pandemic has severely damaged the economy of Pakistan and many businesses were closed as they cannot bear the circumstances aroused due to the Covid-19 pandemic. The study tells about the estimated loss due to pandemic and also reveals that which economic indicators was more affects the economy during the pandemic. This paper elaborates the effect of pandemic on the economic growth only and does not elaborate anything about the economic development of the country. The research was conducted to estimate the current downfall in the economic growth of the country due to pandemic. Further research can be made using this research to check that how long it does take to stabilize the economy.