Pakistan to experience recession due to COVID-19: World Bank
According to World Bank issued report, Pakistan is expected to face a severe recession. It will cause economy to shrink by 2.2%. Also, it will badly effect the per ca-pita income. Since, economic activities seized to maximum worldwide due to COVID-19 pandemic. It has also affected Pakistan’s economy severely.
According to the World Bank report, Pakistan’s national output is reported to decline by the range of 2.2% to 1.3%. In particular, it will hit individual incomes as well. World Bank issued South Asia Economic Focus report on April 12, 2020. This report studies all eight countries economy. Furthermore, it speculates sharp economic slump.
Talking about Gross Domestic Product (GDP), it will shrink in the range of 2.2% to 1.3%. In this week, Tola Associates -a tax advisory firm calculated 0.3% GDP contraction. Since, 1950, Pakistan’s GDP never faces loss in GDP even in 1971 war. Since Ministry of Planning Pakistan had speculated Rs 2 trillion to Rs 2.5 trillion economic losses in month of April till June. However, no such economy recession expected by them yet.
News Source: The Express Tribune