Corona is a virus that has been diagnosed in China in Dec 2019. Coronavirus can be transferred from one person to another person through sneezing, Coughing & handshaking. The first patient of Corona has been recognized in feb20, 2020 in Sindh & now it is being spread rapidly all over Pakistan. Corona has influenced the economic stability of Pakistan. Pakistan’s economy has been affected badly due to Corona Virus. The general situation of the country is worst day by day the confirmed cases all over Pakistan are 144000. 90 deaths in a day & 5000 cases in a day.
The business community of Pakistan has been affected badly. All the businesses are being suffered. People are losing their job due to inflation in the economic cycle in the economy. The business class in Pakistan is being affected due to import & export activities. The Govt. of Pakistan has banned in order to prevent the public of Pakistan due to the pandemic situation of COVID-19 in Pakistan. The business & economy of Pakistan largely depends on the imports & exports of Pakistan.
Socail Impact- Trade cycle of Pakistan
The Trade cycle of Pakistan has also been affected by the CoviD-19. The import & export of many goods have been effected due to banned on flights. Some concessions have been given to the special departments like import duties on medicines that have been waived up to 5%. The import of anti-malaria & personal equipment has also been banned. The import of masks & sanitizers is authorized by the Pakistani Govt. to over the disease of CoviD-19 in Pakistan.
Real Estate Business
The Real Estate business is going down due to the Covid_19 situation. The demand for property & houses is being decreased due to the fewer investors, visitors & tourists. The dealers are suffering a lot because of the diverse situation of CoviD-19. The prices & rates of the properties are going down nowadays. Real Estate Business has a great scope in Pakistan so many people are engaged with the real estate business. But since Feb 2020 this sector is also facing troubles in their field. Investment & tourists are no more visiting the site because of Covid-19. The real estate business was already on the mend after the implementation done by the Govt in 2018 & now this outbreak is another setback for this sector.so in this situation the real estate sector is facing a serious downfall. The next few weeks are highly anticipated for the real estate business due to the closer to many sectors. Not only the real estate business but also the other construction institutes, financial institutes, industries, import-export, manufacturing industries, traveling, hotels, medical & educational institutes are also facing with the real estate. The Real Estate business has suffered more than the other ones because they are totally dependent on the investors, visitors & tourists.
The Labor Class of Pakistan
Labors are the most suffering class in Pakistan due to CoviD-19. They are being suffered because the factories and industries are not working properly due to lack of demand of economical commodities.
This is first time in the history that the education of students is being suffered baldly all over the world. the schools, colleges & universities are closed for the safety of the public & the Educational activities are also closed.
All the social gatherings like marriage ceremonies, parties, strikes & funeral processions are banned by the Govt. to control coviD-19 in Pakistan.
Taking the diverse situation in view the Govt. of Pakistan has taken some necessary step to benefit their public
- All the businesses & industries are allowed to work under the strict following of SOPs.
- The govt. has given special incentives to the construction sector by reducing the import tax duties & reduction of taxes on the transfer of property Or Real Estate.
- Gatherings are still banned by the Govt. like Restaurants, Parks, Educational Sector, Bars, and Marriage halls social & religious gatherings.