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.

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