COVID-19 AND THE ECONOMY
With the virus showing no signs of relenting, pressure on healthcare sector across the world mounted and the World Health Organization (WHO) declared the COVID-19 a pandemic.
The following days witnessed the global economy grind to a halt as countries went into lockdown to contain further spread. The resulting impact dealt a devastating blow as supply chains were disrupted and businesses were forced to shut down.
Economies across the world announced massive fiscal stimulus packages to deal with the economic fallout. However, the crisis seems far from over. Very recently, the International Monetary Fund managing director said that the coronavirus pandemic will push the global economy into the deepest recession since the Great Depression, with the world’s poorest countries suffering the most.
In Pakistan’s case, the finance ministry said that so far the magnitude of decline in economic growth due to the pandemic remained uncertain while a new independent assessment put the national output losses in range of Rs891 billion to Rs1.6 trillion in fourth fiscal quarter alone.
The numbers paint a dismal picture, not just for Pakistan but for the entire world. With a vaccine still not available, the future remains bleak as the global economy is now in recession and Pakistan seems to be headed that way.
Sept 11: Covid-19 boosts digitisation
Sept 4: Covid may be the kiss of death for trade
Aug 28: Coca-Cola cuts jobs
Aug 24: Dealing with Covid-19 repercussions
Aug 24: Unexpected export growth
Aug 23: Bank borrowing jumps amid pandemic
Aug 20: IT exports surge 24% despite virus
Aug 15: Pandemic boots e-commerce
Aug 15: Bulk of virus fund unspent
Aug 13: Pandemic dents business confidence
Aug 10: Pakistan's Covid-linked trade gets hit
Aug 8: China's mask makers suffer as prices drop
Aug 6: Punjab allows businesses to open 24/7
Aug 5: 'Covid may shrink global imbalance'
July 31: World economy recovery looks shakier
July 31: Record economic slump hits Europe
July 29: More IT-driven startups needed
July 26: Pakistan's mask masters seeks nod for export
July 26: Boeing delays 777X
July 25: Textile exports pick up
July 22: Creating jobs amid pandmic
July 22: Chaman border opened till Eid
July 20: Climate investment & mitigation
July 16: Covid-19 threatens food security
July 15: Covid-19 hits service sector
July 12: Retail sector hit hardest
July 12: PPE sales revive exports
July 9: Gold climbs new peaks
July 9: Pakistan's export gloom sours prized mango season
July 8: Global shares waver
July 8: Covid-19 boosts e-commerce
July 8: Start-ups hit hardest
July 7: Export of jewels, gems come to halt
July 5: Over 54% Pakistanis face paycuts or layoffs
July 2: Exports show signs of improvement
June 29: Global equities rebound
June 29: Textile firms export health products to recoup losses
June 29: Covid-19 paves way for reforms
June 27: Sports industry struggles to recover
Oil falls on fears over rising global case tally
Cutting expenses in pandemic
Black swan and investment strategy
Dealing with debt amid pandemic
June 24: PTI govt fails to avail $130m Covid loans
June 15: Second wave fears rattle stock markets
June 15: Covid-19. and the timeliness not data
Budget 2020-21
Covid-19 shock may increase Pakistan's debt-to-GDP ratio
Up to 19.1m jobs at risk because of lockdowns
June 14: Global economies take hit from pandemic
June 11: Car sales dive 75% due to Covid
June 11: Virus to slice at least 6% off world economy
June 10: Pakistan gets Paris debt relief
June 10: Pakistanis shift to mobile, internet banking
June 9: ADB approves $500m in emergency loans
June 8: Things may get worse before getting better
June 8: The debate on lives & livelihoods
June 7: Poultry prices soar
JUNE 5: ADB extends support for Covid-19 fight
June 4: Govt mulls selling dead assets of energy sector
June 4: IMF urges Pakistan to freeze govt salaries
June 2: Rupee depreciates as govt eases lockdown
June 1: Pakistan's remittance under threat
June 1: The quintuple whammy
May 27: Hafeez discusses Covid-19 damage to business
May 27: Eid shopping loses momentum
May 26: Pandemic slows electric vehicle revolution
May 21: Virus blunts euro's global profile
May 21: Cina upbeat about trade revival
May 21: Covid fund to be used for interest repayments
May 21: Global stocks retreat amid virus uncertainty
May 20: US urges China to waive off Pakistan's debt
May 20: Imran urges G20 to do 'more'
May 19: Moody's place 5 top banks' ratings under review
May 19: ADB green-lights $300m relief loan
May 19: Despite pandemic, Pakistan's FDI grows in April
May 19: Pakistan's economcy contracts for the first time in 68 years
May 18: Much needed shift in a crisis
May 18: Budgetary policies in times of virus
May 17: Food exporters seek clairty on ban
May 17: PTI govt approves modalities for chloroquine export
May 16: Global economic losses may reach $8.8 trillion
May 16: Air Canada lays off half its staff
May 15: SBP cuts interest rate by 100bps to 8%
May 14: ECC okays cash assistance for labourers
May 14: Power sector takes Rs300b revenue hit
May 14: Economic relief stressed to mitigate virus impact
May 13: Equities inch higher to hopes of recovery
May 13: Pakistan economy may contract 5%
May 13: ECC okays relief for farm sector
May 13: Eateries continue to see sales dip
May 12: Oil falls amid virus second wave
May 12: India unveils $60b credit line for small businesses, lenders
May 12: SBP raises financing limits under Rozgar scheme
May 11: World stocks stumble as virus cases spike
May 11: Lockdown dampens business optimism
May 11: No plans to seek commercial debt rollver
Covid-19 poses great trade challenge
Covid-19 in Pakistan: Unlocking strategy
Bailout funds & global tax avoidance chains
May 10: Zero implementation of govt relief package
May 9: Pakistan's seafood industry demands zero-rating
May 9: Easy loans sought for tourism industry
May 8: Businessmen hail lifting of lockdown
May 8: PM Imran defers decision on new belt-tightening budget
May 8: Oil, gas sector loses billions
May 8: After lives, Covid-19 starts claiming jobs
May 8: Bank of England sees worst fall in 300 years
May 7: Textile sector calls for opening entire value chain
May 7: Stocks fall despite easing of lockdown
May 7: UN adds Pakistan to virus fund list
May 7: SBP, finance ministry unveil risk-sharing mechanism
May 7: Online retail offers little hope for vendors
May 6: Terminal operators refuse to extend free-storage period to importers
May 6: OGDC stops search for shale oil, gas reserves
May 6: Pakistan, ADB finalise $305m emergency loan
May 6: Textile sector seeks zero-rated facility
May 46: Exports slip below $1bn in April
May 6: Uber takes steps to bring down costs
May 4: Global markets slide as trade war fears revive
May 4: Covid-19 disrupts urea supply chain
May 4: US pushes to rip supply chains from China
May 4: Pakistan formally applies for G-20 debt relief
May 4: Corona and 5G conspiracy theories
May 3: Relief sought for poultry sector
May 3: Traders seek end to lockdown
April 30: 13,000 Pakistanis lose jobs in UAE
May 3: Exporters get orders as lockdown eases
May 2: LPG sector demands bailout package
May 2: Virus expenses hit Amazon
May 1: More layoffs expected after Eid
May 1: Businessmen demand easing lockdown post 15th Ramazan
April 30: 13,000 Pakistanis lose jobs in UAE
April 30: Millions of labourers lose job
April 30: Garment sector receives inquiries for PPE
April 29: PSX seeks tax incentives
April 29: Finance adviser talks corona-led budget
April 28: Economy faces first-ever contraction since 1951
April 28: Businessmen call for special measures
April 27: PTI govt gives traders utility bills waiver
April 27: ECC okays Rs81b relief for businesses
April 27: Global stocks jump as lockdown eases
April 27: Buzdar approves economic revival plan
April 27: Boeing CEO sees slow airline rebound
April 27: ICT construction sector gets GST waiver
Global economy: Supply chain risks amid pandemic
April 27: RCCI urges PTI govt to slash sales tax
April 26: Sindh govt to devise SOPs for transporters soon
April 26: Pakistan expects debt relief from G-20
April 25: Market expects SBP to cut interest rate
April 25: Textile sector wants allied industries open
April 25: Pakistan, India ease Covid-19 curbs
April 25: Pakistan seeks $1.7b ADB loans
April 25: Banks ask small units for hefty collateral
April 25: Markets struggle as anti-viral drug hopes fade
April 25: Developing economies may see sharper recession
April 24: Retailers claim Rs900b loss during lockdown
April 24: Tractor industry in turmoil
April 24: China entered economic revival phase soon after controlling Covid-19
April 24: Pakistan's economy to contract only modestly
April 24: Lack of political inclusion in Ehsaas Programme questioned
April 23: Pakistani traders want permission to open shops
April 23: Sindh govt announces tax concessions
April 23: In Sindh, traders to go online for business
April 23: Pakistan's current account deficit dips 99%
April 23: SBP directs banks to suspend dividend payment
April 23: World Bank to double Pakistan's loan size
April 23: Pakistan receives $1.39b from IMF
April 23: Customers learn true cost of online shopping
April 22: ECC okays Rs75b for daily-wage earners
April 22: Sindh traders to reopen before Ramazan
April 22: Punjab set to reopen
April 22: Foreign investors return to debt market
April 22: Pakistan fails to benefit from oil price crash
April 22: How can oil be negative?
April 21: Pakistan to export chloroquine to help ‘friendly countries’
April 21: Virgin Australia collapses due to virus
April 20: US oil futures plumb historic lows below zero
April 20: Pakistan fails to ask G7 for relief
April 20: Oil crash hits stocks, dollar gains as investors shun risk
April 20: US stock index futures slide
April 20: Engro Fertilisers profit dips 86%
April 20: Fauji Cement posts first loss in 8 years
April 19: PTI govt to promulgate ordinance to curb “undeclared routes” smuggling
April 19: Traders give govt three days to lift lockdown
April 18: Pakistani businessmen criticise hoarding ordinance
April 18: India toughens rules on investments
Covid-19 & the economy
Set up SEZs to absorb economic shock
Industries struggling to stay afloat
Pharmaceutical firms report 50% decline in profits
April 18: Developing countries unlock key industries
April 18: IMF, World Bank disburse funds
April 18: KCCI demands major relief in taxes
April 18: Covid-19: How virus weighs on businesses?
April 18: No 'free ride' for commercial creditors
April 17: More than a third of G7 citizens see virus hit to incomes
April 17: China posts first GDP decline on record
April 17: Pakistan wins $1.4b IMF emergency loan
April 17: PTI govt vows to resolve liquidity crunch, cash flow issues
April 17: Gold price surges to Rs101,000 per tola
April 17: Millions unemployed as virus ravages US economy
April 16: SBP slashes monetary policy rate to 9%
April 16: Global stock markets tank
April 16: For Oil Sector: IEA predicts worst year in history
April 16: 1,900 containers stuck at Karachi port due to pandemic
April 15: State Bank of Pakistan raises margins on remittances
April 16: Small businesses in Pakistan seek loans at zero interest
April 16: Pakistan's budget deficit may hit record high due to coronavirus
Preparing to navigate through age of disruption
Importance of Pakistan's fertiliser sector in tough times
IT leapfrogging during COVID-19 isolation in Pakistan
Pandemic woes: Next fiscal year to be even more painful
April 15: Gold shoots up to Rs100,400 per tola
April 15: PTI govt to reduce rate of return for state-run power plants
April 15: Traders put off decision to open shops
April 15: Indus Motor raises prices up to Rs500,000
April 14: IMF to provide debt relief for 25 countries
April: Businessmen seek debt rescheduling
April 14: SBP to further cut Pakistan’s GDP growth forecast
April 14: G7 favours debt standstill for poorest nations
April 14: FBR misses deadline for release of Rs100b tax refunds
April 14: IMF projects sharp fall in country’s economy
April 13: Pakistan seeks rollover of half of $28b debt
April 13: Punjab to undertake Rs100b worth of schemes in FY21
April 12: Covid-19 could trigger global economic slide
April 12: IMF to consider $1.4 billion Pakistan grant on April 16
April 12: US Fed policymakers working to limit damage to economy
April 11: IMF creates advisory panel on pandemic
April 11: Pakistan may fall into a recession due to COVID-19, says World Bank
April 11: Economists upbeat on virus
recovery
April 10: SBP proposes changes in law to relinquish growth responsibility
April 10: SBP introduces scheme for businesses to save jobs
April 10: Asian markets rise after Fed stimulus boosts Wall Street
April 11: COVID-19 lockdown sparks harvest crises in Pakistan, India
April 10: IMF projects negative per capita income growth in over 170 countries
April 10: Cellular calls decline 10% amid lockdown
April 10: Small business insist on reopening
April 10: ECC approves Rs100b borrowing from banks
April 9: Govt to reopen low-risk industries across the country
April 9: Pandemic will unleash worst recession since Great Depression: IMF
April 9: WTO sees trade plunge worse than financial crisis
April 9: Small, medium units on brink of default
April 8: Mobile operators want to expand services
CNG sector crumbles under slowdown
April 7: IMF delays approval of review tranche
April 6: Forex reserves slump
April 6: SBP approves refinance facility for hospitals
Gwadar port largly unaffected by pandemic
Food market contraints threaten social fabric
How the virus is changing global macroeconomics
With lockdowns everywhere, export a tough job
April 6: Asian markets boosted by easing virus toll
COVID-19 pushes all of Pakistan's developments
Pakistan hints at delaying LNG privatisation
KCCI demand tax relief
World Bank sees Pakistan's growth sliding
Trade deficits contracts 26.5%
Chemical importers seek relief
Demand for free internet can lead to no internet
Moody's cuts Pakistan's growth forecast
Economists press Pakistan govt to ease economic policy
E-commerce platforms demand free movement
PSX seks investment from state
April 2: Oil jumps on hopes for end to Sauid-Russia war
April 1: Pakistan seeks foreign loans to fight COVID-19
April 1: Finance ministry unable quantify virus impact
COVID-19 may cut global tech spending
April 1: PTI govt mulls shutting all but two oil refineries
March 31: PTI govt approves Rs1.2tr stimulus package
April 1: Businesses unable to pay salaries
March 31: Sindh establishes emergency fund
March 30: Imran establishes relief fund
March 29: KSE-100 dives 8% as virus ravages economy
March 29: Daily -wage earners await relief funds
March 28: Pakistan's economic activities continue amid lockdown
March 27: Pakistan may seek debt moratorium
March 27: SBP issues relief package to households, businesses
March 27: National Refinery shuts down as oil demand drops
March 27: Food crisis looms as fear
March 26: Pakistan reaches out to rich nations
Shortage to force Pakistan's pharma sector to close units
March 26: Pakistan seeks $3.7b more in loans
March 26: COVID-19 victims family to get Rs12,000
March 26: SBP relaxes import rules
March 26: Demand for food surges
March 25: IMF, WB call for suspending debt payments
March 24: PSX to begin trading at 11am
March 23: K-P tourism industry takes a hit
March 23: SBP to disinfect cash
March 23: PSX activates system for brokers to WFH
March 23: Despite virus, Sino-Pak trade booms
March 23: Aviation sector braces for Rs25b loss
March 23: Grocers unclear on how to work under Sindh lockdown
March 22: Lockdown to leave people jobless in Pakistan
March 21: In Pakistan, research houses slash stock market growth forecasts
March 20: US to provide $1m to Pakistan to combat COVID-19
March 20: World markets rally on huge economic support plans
March 19: SBP eases digital payments amid coronavirus crisis
March 19: K-P may cut development budget to fight COVID-19
March 19: ADB offers Pakistan $350m to fight virus
March 18: Pakistan, World Bank in talks for $200 million loan
March 17: Panic buying in wake of virus
Produced by: Niha Dagia
Artwork: Ibrahim Yahya, Mohsin Alam