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IMPACT OF COVID-19 PANDEMIC DRASTICALLY ON THE ECONOMY OF PAKISTAN- DEEP INSIGHTS FOR POLICYMAKERS
Corresponding Author(s) : Majid Ali
Humanities & Social Sciences Reviews,
Vol. 9 No. 2 (2021): March
Abstract
Abstract
Purpose of the study: This article aims to examine the economic consequences of the unprecedented crisis of COVID-19 across Pakistan's sectors. To date, the second phase of COVID-19 is underway, and the economic losses of the industries and the recovery plan are still underdeveloped.
Methodology: This study is qualitative based. Mix method and desk review approaches are used to analyse the impact of covid-19 on the different sectors of Pakistan
Main Findings: The review revealed that the pandemic had a range of negative impacts on domestic, foreign trade, health care, education, and tourism, but had a positive effect on the environment and the agriculture sector.
Applications of this study: This study can be effective for the researcher to an immediate need to study each sector's economic insights further to improve crisis management policy.
Novelty/Originality of this study: this research contributes to the covid-19 pandemic in the different sectors of Pakistan. It also offers insights into how policymakers should build policies.
Keywords
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- Azam, T., Mohsin, M., Naseem, S., Nilofar, M., Zia-UR-Rehman, M., Nelofer, S., Khan, S. and SongJiang, W. (2020). Economic Growth Vulnerability Amid the COVID-19 Epidemic: A Systematic Review of Different Sectors of Pakistan. Revista Argentina de ClÃnica Psicológica, 29(4), pp. 705.
- Barnes, S.J. (2020). Information management research and practice in the post-COVID-19 world. International Journal of Information Management, 55, pp. 102175. https://doi.org/10.1016/j.ijinfomgt.2020.102175 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102175
- Cao, W., Fang, Z., Hou, G., Han, M., Xu, X., Dong, J. and Zheng, J. (2020). The psychological impact of the COVID-19 epidemic on college students in China. Psychiatry Research, 287, pp. 112934. https://doi.org/10.1016/j.psychres.2020.112934 DOI: https://doi.org/10.1016/j.psychres.2020.112934
- Chughtai, A.A. and Khan, W. (2020). Use of personal protective equipment to protect against respiratory infections in Pakistan: A systematic review. Journal of Infection and Public Health, 13(3), pp. 385-90. https://doi.org/10.1016/j.jiph.2020.02.032 DOI: https://doi.org/10.1016/j.jiph.2020.02.032
- Coombs, C. (2020). Will COVID-19 be the tipping point for the Intelligent Automation of work? A review of the debate and implications for research. International Journal of Information Management, 55, pp. 102182. https://doi.org/10.1016/j.ijinfomgt.2020.102182 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102182
- Couto, G., Castanho, R.A., Pimentel, P., Carvalho, C., Sousa, Ã. and Santos, C. (2020). The Impacts of COVID-19 Crisis over the Tourism Expectations of the Azores Archipelago Residents. Sustainability, 12(18), pp. 7612. https://doi.org/10.3390/su12187612 DOI: https://doi.org/10.3390/su12187612
- Dwivedi, Y.K., Hughes, D.L., Coombs, C., Constantiou, I., Duan, Y., Edwards, J.S., Gupta, B., Lal, B., Misra, S., Prashant, P., Raman, R., Rana, N.P., Sharma, S.K. and Upadhyay, N. (2020). Impact of COVID-19 pandemic on information management research and practice: Transforming education, work and life. International Journal of Information Management, 55, pp. 102211. https://doi.org/10.1016/j. ijinfomgt.2020.102211 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102211
- Fernandes, N. (2020). Economic effects of coronavirus outbreak (COVID-19) on the world economy. Available at SSRN 3557504. https://doi.org/10.2139/ssrn.3557504 DOI: https://doi.org/10.2139/ssrn.3557504
- Guan, W.-j., Liang, W.-h., Zhao, Y., Liang, H.-r., Chen, Z.-s., Li, Y.-m., Liu, X.-q., Chen, R.-c., Tang, C.-l. and Wang, T. (2020). Comorbidity and its impact on 1590 patients with Covid-19 in China: A Nationwide Analysis. European Respiratory Journal, 55(5). https://doi.org/10.1183/13993003.00547-2020 DOI: https://doi.org/10.1183/13993003.01227-2020
- He, W., Zhang, J. and Li, W. (2020). Information Technology Solutions, Challenges, and Suggestions for Tackling the COVID-19 Pandemic. International Journal of Information Management, pp. 102287. https://doi.org/10.1016/j.ijinfomgt.2020.102287 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102287
- Ibarra-Vega, D. (2020). Lockdown, one, two, none, or smart. Modeling containing covid-19 infection. A conceptual model. Science of The Total Environment, 730, pp. 138917. https://doi.org/10.1016/j.scitotenv.2020.138917 DOI: https://doi.org/10.1016/j.scitotenv.2020.138917
- Ketchen, D.J. and Craighead, C.W. (2020). Research at the Intersection of Entrepreneurship, Supply Chain Management, and Strategic Management: Opportunities Highlighted by COVID-19. Journal of Management, 46(8), pp. 1330-41. https://doi.org/10.1177/0149206320945028 DOI: https://doi.org/10.1177/0149206320945028
- Kushel, M.B., Gupta, R., Gee, L. and Haas, J.S. (2006). Housing instability and food insecurity as barriers to health care among low-income Americans. Journal of General Internal Medicine, 21(1), pp. 71-77. https://doi.org/10.1111/j.1525-1497.2005.00278.x DOI: https://doi.org/10.1111/j.1525-1497.2005.00278.x
- Lehdonvirta, V., Kässi, O., Hjorth, I., Barnard, H. and Graham, M. (2018). The Global Platform Economy: A New Offshoring Institution Enabling Emerging-Economy Microproviders. Journal of Management, 45(2), pp. 567-99. https://doi.org/10.31235/osf.io/jt4z7 DOI: https://doi.org/10.1177/0149206318786781
- Lin, Q., Zhao, S., Gao, D., Lou, Y., Yang, S., Musa, S.S., Wang, M.H., Cai, Y., Wang, W., Yang, L. and He, D. (2020). A conceptual model for the coronavirus disease 2019 (COVID-19) outbreak in Wuhan, China with individual reaction and governmental action. International Journal of Infectious Diseases, 93, pp. 211-16. https://doi.org/10.1016/j.ijid.2020.02.058 DOI: https://doi.org/10.1016/j.ijid.2020.02.058
- Malliet, P., Reynès, F., Landa, G., Hamdi-Cherif, M. and Saussay, A. (2020). Assessing Short-Term and Long-Term Economic and Environmental Effects of the COVID-19 Crisis in France. Environmental and Resource Economics, 76(4), pp. 867-83. https://doi.org/10.1007/s10640-020-00488-z DOI: https://doi.org/10.1007/s10640-020-00488-z
- Martin, A., Markhvida, M., Hallegatte, S. and Walsh, B. (2020). Socio-Economic Impacts of COVID-19 on Household Consumption and Poverty. Economics of Disasters and Climate Change, 4(3), pp. 453-79. https://doi.org/10.1007/s41885-020-00070-3 DOI: https://doi.org/10.1007/s41885-020-00070-3
- Narula, R. (2020). Policy opportunities and challenges from the COVID-19 pandemic for economies with large informal sectors. Journal of International Business Policy, 3(3), pp. 302-10. https://doi.org/10.1057/s42214-020-00059-5 DOI: https://doi.org/10.1057/s42214-020-00059-5
- Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C., Agha, M. and Agha, R. (2020).The socio-economic implications of the coronavirus pandemic (COVID-19): A review. International Journal of Surgery, 78, pp. 185-93. https://doi.org/10.1016/j.ijsu.2020.04.018 DOI: https://doi.org/10.1016/j.ijsu.2020.04.018
- Pan, S.L., Cui, M. and Qian, J. (2020). Information resource orchestration during the COVID-19 pandemic: A study of community lockdowns in China. International Journal of Information Management, 54, pp. 102143. https://doi.org/10.1016/j.ijinfomgt.2020.102143 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102143
- Panovska-Griffiths, J., Kerr, C.C., Stuart, R.M., Mistry, D., Klein, D.J., Viner, R.M. and Bonell, C. (2020). Determining the optimal strategy for reopening schools, the impact of test and trace interventions, and the risk of occurrence of a second COVID-19 epidemic wave in the UK: a modelling study. The Lancet Child & Adolescent Health, 4(11), pp. 817-27. https://doi.org/10.1016/S2352-4642(20)30250-9 DOI: https://doi.org/10.1016/S2352-4642(20)30250-9
- Ponkratov, V., Kuznetsov, N., Bashkirova, N., Volkova, M., Alimova, M., Ivleva, M., Vatutina, L. and Elyakova, I. (2020). Predictive Scenarios of the Russian Oil Industry; with a Discussion on Macro and Micro Dynamics of Open Innovation in the COVID 19 Pandemic. Journal of Open Innovation: Technology, Market, and Complexity, 6(3), pp. 85. https://doi.org/10.3390/joitmc6030085 DOI: https://doi.org/10.3390/joitmc6030085
- Pu, M. and Zhong, Y. (2020). Rising concerns over agricultural production as COVID-19 spreads: Lessons from China. Global Food Security, 26, pp. 100409. https://doi.org/10.1016/j.gfs.2020.100409 DOI: https://doi.org/10.1016/j.gfs.2020.100409
- Rao, H.R., Vemprala, N., Akello, P. and Valecha, R. (2020). Retweets of officials’ alarming vs reassuring messages during the COVID-19 pandemic: Implications for crisis management. International Journal of Information Management, 55, pp. 102187. https://doi.org/10.1016/j.ijinfomgt.2020.102187 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102187
- Rusinko, C. (2020). IT responses to Covid-19: rapid innovation and strategic resilience in healthcare. Information Systems Management, 37(4), pp. 332-38. https://doi.org/10.1080/10580530.2020.1820637 DOI: https://doi.org/10.1080/10580530.2020.1820637
- Sahin, A.R., Erdogan, A., Agaoglu, P.M., Dineri, Y., Cakirci, A.Y., Senel, M.E., Okyay, R.A. and Tasdogan, A.M. (2020). 2019 novel coronavirus (COVID-19) outbreak: a review of the current literature. EJMO, 4(1), pp. 1-7. https://doi.org/10.14744/ejmo.2020.12220 DOI: https://doi.org/10.14744/ejmo.2020.12220
- Seetharaman, P. (2020). Business models shifts: Impact of Covid-19. International Journal of Information Management, 54, pp. 102173. https://doi.org/10.1016/j.ijinfomgt.2020.102173 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102173
- Sein, M.K. (2020). The serendipitous impact of COVID-19 pandemic: A rare opportunity for research and practice. International Journal of Information Management, 55, pp. 102164. https://doi.org/10.1016/j.ijinfomgt.2020.102164 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102164
- Shafi, M., Liu, J. and Ren, W. (2020). Impact of COVID-19 pandemic on micro, small, and medium-sized Enterprises operating in Pakistan. Research in Globalization, 2, pp. 100018. https://doi.org/10.1016/j.resglo.2020.100018 DOI: https://doi.org/10.1016/j.resglo.2020.100018
- Shen, H., Fu, M., Pan, H., Yu, Z. and Chen, Y. (2020). The Impact of the COVID-19 Pandemic on Firm Performance. Emerging Markets Finance and Trade, 56(10), pp. 2213-30. https://doi.org/10.1080/1540496X.2020.1785863 DOI: https://doi.org/10.1080/1540496X.2020.1785863
- WTO. (2020). Trade shows signs of rebound from COVID-19, recovery still uncertain. World Trade Organization.
References
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Barnes, S.J. (2020). Information management research and practice in the post-COVID-19 world. International Journal of Information Management, 55, pp. 102175. https://doi.org/10.1016/j.ijinfomgt.2020.102175 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102175
Cao, W., Fang, Z., Hou, G., Han, M., Xu, X., Dong, J. and Zheng, J. (2020). The psychological impact of the COVID-19 epidemic on college students in China. Psychiatry Research, 287, pp. 112934. https://doi.org/10.1016/j.psychres.2020.112934 DOI: https://doi.org/10.1016/j.psychres.2020.112934
Chughtai, A.A. and Khan, W. (2020). Use of personal protective equipment to protect against respiratory infections in Pakistan: A systematic review. Journal of Infection and Public Health, 13(3), pp. 385-90. https://doi.org/10.1016/j.jiph.2020.02.032 DOI: https://doi.org/10.1016/j.jiph.2020.02.032
Coombs, C. (2020). Will COVID-19 be the tipping point for the Intelligent Automation of work? A review of the debate and implications for research. International Journal of Information Management, 55, pp. 102182. https://doi.org/10.1016/j.ijinfomgt.2020.102182 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102182
Couto, G., Castanho, R.A., Pimentel, P., Carvalho, C., Sousa, Ã. and Santos, C. (2020). The Impacts of COVID-19 Crisis over the Tourism Expectations of the Azores Archipelago Residents. Sustainability, 12(18), pp. 7612. https://doi.org/10.3390/su12187612 DOI: https://doi.org/10.3390/su12187612
Dwivedi, Y.K., Hughes, D.L., Coombs, C., Constantiou, I., Duan, Y., Edwards, J.S., Gupta, B., Lal, B., Misra, S., Prashant, P., Raman, R., Rana, N.P., Sharma, S.K. and Upadhyay, N. (2020). Impact of COVID-19 pandemic on information management research and practice: Transforming education, work and life. International Journal of Information Management, 55, pp. 102211. https://doi.org/10.1016/j. ijinfomgt.2020.102211 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102211
Fernandes, N. (2020). Economic effects of coronavirus outbreak (COVID-19) on the world economy. Available at SSRN 3557504. https://doi.org/10.2139/ssrn.3557504 DOI: https://doi.org/10.2139/ssrn.3557504
Guan, W.-j., Liang, W.-h., Zhao, Y., Liang, H.-r., Chen, Z.-s., Li, Y.-m., Liu, X.-q., Chen, R.-c., Tang, C.-l. and Wang, T. (2020). Comorbidity and its impact on 1590 patients with Covid-19 in China: A Nationwide Analysis. European Respiratory Journal, 55(5). https://doi.org/10.1183/13993003.00547-2020 DOI: https://doi.org/10.1183/13993003.01227-2020
He, W., Zhang, J. and Li, W. (2020). Information Technology Solutions, Challenges, and Suggestions for Tackling the COVID-19 Pandemic. International Journal of Information Management, pp. 102287. https://doi.org/10.1016/j.ijinfomgt.2020.102287 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102287
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Ketchen, D.J. and Craighead, C.W. (2020). Research at the Intersection of Entrepreneurship, Supply Chain Management, and Strategic Management: Opportunities Highlighted by COVID-19. Journal of Management, 46(8), pp. 1330-41. https://doi.org/10.1177/0149206320945028 DOI: https://doi.org/10.1177/0149206320945028
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Lehdonvirta, V., Kässi, O., Hjorth, I., Barnard, H. and Graham, M. (2018). The Global Platform Economy: A New Offshoring Institution Enabling Emerging-Economy Microproviders. Journal of Management, 45(2), pp. 567-99. https://doi.org/10.31235/osf.io/jt4z7 DOI: https://doi.org/10.1177/0149206318786781
Lin, Q., Zhao, S., Gao, D., Lou, Y., Yang, S., Musa, S.S., Wang, M.H., Cai, Y., Wang, W., Yang, L. and He, D. (2020). A conceptual model for the coronavirus disease 2019 (COVID-19) outbreak in Wuhan, China with individual reaction and governmental action. International Journal of Infectious Diseases, 93, pp. 211-16. https://doi.org/10.1016/j.ijid.2020.02.058 DOI: https://doi.org/10.1016/j.ijid.2020.02.058
Malliet, P., Reynès, F., Landa, G., Hamdi-Cherif, M. and Saussay, A. (2020). Assessing Short-Term and Long-Term Economic and Environmental Effects of the COVID-19 Crisis in France. Environmental and Resource Economics, 76(4), pp. 867-83. https://doi.org/10.1007/s10640-020-00488-z DOI: https://doi.org/10.1007/s10640-020-00488-z
Martin, A., Markhvida, M., Hallegatte, S. and Walsh, B. (2020). Socio-Economic Impacts of COVID-19 on Household Consumption and Poverty. Economics of Disasters and Climate Change, 4(3), pp. 453-79. https://doi.org/10.1007/s41885-020-00070-3 DOI: https://doi.org/10.1007/s41885-020-00070-3
Narula, R. (2020). Policy opportunities and challenges from the COVID-19 pandemic for economies with large informal sectors. Journal of International Business Policy, 3(3), pp. 302-10. https://doi.org/10.1057/s42214-020-00059-5 DOI: https://doi.org/10.1057/s42214-020-00059-5
Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C., Agha, M. and Agha, R. (2020).The socio-economic implications of the coronavirus pandemic (COVID-19): A review. International Journal of Surgery, 78, pp. 185-93. https://doi.org/10.1016/j.ijsu.2020.04.018 DOI: https://doi.org/10.1016/j.ijsu.2020.04.018
Pan, S.L., Cui, M. and Qian, J. (2020). Information resource orchestration during the COVID-19 pandemic: A study of community lockdowns in China. International Journal of Information Management, 54, pp. 102143. https://doi.org/10.1016/j.ijinfomgt.2020.102143 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102143
Panovska-Griffiths, J., Kerr, C.C., Stuart, R.M., Mistry, D., Klein, D.J., Viner, R.M. and Bonell, C. (2020). Determining the optimal strategy for reopening schools, the impact of test and trace interventions, and the risk of occurrence of a second COVID-19 epidemic wave in the UK: a modelling study. The Lancet Child & Adolescent Health, 4(11), pp. 817-27. https://doi.org/10.1016/S2352-4642(20)30250-9 DOI: https://doi.org/10.1016/S2352-4642(20)30250-9
Ponkratov, V., Kuznetsov, N., Bashkirova, N., Volkova, M., Alimova, M., Ivleva, M., Vatutina, L. and Elyakova, I. (2020). Predictive Scenarios of the Russian Oil Industry; with a Discussion on Macro and Micro Dynamics of Open Innovation in the COVID 19 Pandemic. Journal of Open Innovation: Technology, Market, and Complexity, 6(3), pp. 85. https://doi.org/10.3390/joitmc6030085 DOI: https://doi.org/10.3390/joitmc6030085
Pu, M. and Zhong, Y. (2020). Rising concerns over agricultural production as COVID-19 spreads: Lessons from China. Global Food Security, 26, pp. 100409. https://doi.org/10.1016/j.gfs.2020.100409 DOI: https://doi.org/10.1016/j.gfs.2020.100409
Rao, H.R., Vemprala, N., Akello, P. and Valecha, R. (2020). Retweets of officials’ alarming vs reassuring messages during the COVID-19 pandemic: Implications for crisis management. International Journal of Information Management, 55, pp. 102187. https://doi.org/10.1016/j.ijinfomgt.2020.102187 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102187
Rusinko, C. (2020). IT responses to Covid-19: rapid innovation and strategic resilience in healthcare. Information Systems Management, 37(4), pp. 332-38. https://doi.org/10.1080/10580530.2020.1820637 DOI: https://doi.org/10.1080/10580530.2020.1820637
Sahin, A.R., Erdogan, A., Agaoglu, P.M., Dineri, Y., Cakirci, A.Y., Senel, M.E., Okyay, R.A. and Tasdogan, A.M. (2020). 2019 novel coronavirus (COVID-19) outbreak: a review of the current literature. EJMO, 4(1), pp. 1-7. https://doi.org/10.14744/ejmo.2020.12220 DOI: https://doi.org/10.14744/ejmo.2020.12220
Seetharaman, P. (2020). Business models shifts: Impact of Covid-19. International Journal of Information Management, 54, pp. 102173. https://doi.org/10.1016/j.ijinfomgt.2020.102173 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102173
Sein, M.K. (2020). The serendipitous impact of COVID-19 pandemic: A rare opportunity for research and practice. International Journal of Information Management, 55, pp. 102164. https://doi.org/10.1016/j.ijinfomgt.2020.102164 DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102164
Shafi, M., Liu, J. and Ren, W. (2020). Impact of COVID-19 pandemic on micro, small, and medium-sized Enterprises operating in Pakistan. Research in Globalization, 2, pp. 100018. https://doi.org/10.1016/j.resglo.2020.100018 DOI: https://doi.org/10.1016/j.resglo.2020.100018
Shen, H., Fu, M., Pan, H., Yu, Z. and Chen, Y. (2020). The Impact of the COVID-19 Pandemic on Firm Performance. Emerging Markets Finance and Trade, 56(10), pp. 2213-30. https://doi.org/10.1080/1540496X.2020.1785863 DOI: https://doi.org/10.1080/1540496X.2020.1785863
WTO. (2020). Trade shows signs of rebound from COVID-19, recovery still uncertain. World Trade Organization.