News update: – 12th April 2020
For the very first time the Pakistani Government has shared official estimates with a select group of reporters, in the aftermath of a coronavirus outbreak, the report reveals that with moderate restrictions, job losses can reach 12 million, or about 20% of the workforce employed in the country.
Furthermore, the country’s total labor force has reached 60-65 million and reasonable approximations, according to the Pakistan Institute for Development Economics (PIDE), allied with the Planning Commission, showed that the ongoing epidemic could lead to unemployment ranging from 12 to 20 million. PIDE predicted that the average monthly loss for job losses was Rs.180 billion to Rs.260 billion, so in the worst-case scenario, estimated losses could rise to
Rs.780 billion in the next three months. However, the government decided to offer a monthly stipend of 4,000 rupees to the people who lose their job.
Kamraj Enterprises is suggests to make provisions accordingly and forthcoming strategies for business transactions. It is pretty difficult to predict any further circumstances in the coming weeks or months. Though, the China Economic Net has issued a report signifying an increase in exports of copper and other copper-related products from Pakistan that helped boost the domestic industry. Three years ago, copper exports from Pakistan were only $ 106 million. But now copper exports to China increased to $ 550 million.
If this dispute is settled, China Metallurgical Corporation (MCC) is one of the biggest players in the copper industry, and then Saindak Mining expects export to reach $ 10 billion annually. It is important to mention here that for mining and copper processing, high-tech is needed. The last sector if combined imports and exports decrease by 20%, this figure of 4.6% of losses in the gross domestic product during the last quarter can be roughly around 700 to 800 billion rupees from April to June of the fiscal year 2020.
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