News Update: – 31st March 2020, As the days are passing and the overstate of reflective effects that COVID-19 is having on our families, communities and most importantly on business in Pakistan. It is not hard to say that Pakistan’s economy and the financial market and the global economy are disturbing due to COVID-19.
While it is predicted by the senior analysts that the impact on Pakistan’s economy is dependent on the timeline of handling COVID-19 and its intensity of spreading in surroundings. Asian Development Bank (ADB) stated in its report that the virus outbreak could cost Pakistan economy in the range of $ 16,387 million to $ 4.95 billion, or 0.01% to 1.57% of GDP. Furthermore, a recent survey highlighted that this loss would plunge Pakistan’s GDP by at least 1.57 percent and trigger 946,000 job losses.
While, Kamraj enterprises and analogous corporations believe that the trade, steel sectors, import, and export should be obligation permitted and Pakistan should make a relief plan to handle the stressful situation wisely. These sectors are one of the significances for the Pakistani government. As many industrial sectors might be affected due to their integration to the global market. Moreover, in order to deal with the challenges caused by the pandemic, many countries including most members of G20 have announced quantitative easing (QE), trillions of USD will flood in the major economies, and thus push the depreciation to a new height. According to economic projections, the Chinese Yuan is expected to depreciate by 3-5 percent. All these will result in some decline in Pakistan’s import bills.
We also request Pakistan’s government to address this issue. Furthermore, The Pakistan Steel Re-Rolling Mills Association on Monday pursued and requested federal government involvement to save the diseased industry from the negative impact of the coronavirus epidemic.