EFFECTS OF COVID 19 ON THE DOMESTIC ECONOMY OF COMMON PEOPLE


It is a burning question of the day that to which extent corona virus has shaken the globe. Inhabitants of the six continents are bitterly effected politically, socially and economically. We are in a solution less situation except, our hope from the God.

The virus has ruined the populous cities but declination of graph seems impossible concerning the atrocities. The only focus of all the efforts (scientific and technological) is to control the virus but no fruitful result. Humanity is bitterly besieged having no vent to escape.

Covid-19 has effected the human life bitterly and caused an irreparable loss to it. Business and industries are rusted, labours works has stopped and the life spin has halted, that has resulted in the “no food in homes” situation and starvation. There is no sign of remedy of the calamity caused by the deadly covid-19.

Ultimately the general population is making psychological compacts in a large number, thus making situation alarming. Unfold, the EY item club said it would take until 2023 for the economy to return to the level reached at the end of last year due to depth of the crisis.

The recovery period of Pakistan will be much longer than any of the developed countries. The government projects economic shrinkage of negative 0.38 percent, however, IMF projections stand way worse at a negative 2. 6 percent compared to the government target of 2.4 percent growth. Economy will be much worse, resulting in perils for the lower class strata.

The economical deterioration of individuals has greatly effected the national economy. i.e the GNP and Per capita income data exhibited in the economy forum of the country, which explains the bitterness of the situation that is caused by the Covid-19 impacts.The vast differences in supply and demand is its practical example. Prices shows the deterioration of the domestic economic situation of the individual caused by the Covid-19. The pandemic that broke the economy of the nation to an irreparable extent.

 


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