GlobalVillageSpace
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Pakistan, since February, has lost more than 5000 lives. This is a huge human tragedy but glancing around the world where the US has lost almost 135,000 lives, UK (a country with 60 million population) has lost nearly 60,000 lives; Pakistan has fought well in creating awareness through new institutions like NCOC, restricting movements and saving lives.
But can the same be said about businesses? The economy was in bad shape since 2017 and pandemic has only made it worse. GVS spoke with several corporate executives to understand their challenges and coping mechanisms.
To recap, Pakistan went under lockdown on 24 March and spent around two months before a smart lockdown started. IMF predicts that the global economy will shrink by over 5% this year, with European countries’ growth declining close to 10%, the USA around 6%, and India seeing a 4.5% decline.
Read more: Challenges of Imposing Lockdown: DC Islamabad explains
This is the worst annual global contraction since World War 2 – and in real terms, this contraction is being witnessed the first time since the crash of 1929. Pakistan, where the economy was already troubled, will now see a negative 1.5% growth with next year, improving to around 2% growth.
Pakistani businesses have been hit hard as they went through slowing down, restricted operations and a complete halt in quick succession while adjusting to the new realities under Corona -and regulations from the panicking government. All external and most internal travel was curtailed; businesses had to balance employee safety with sustainably continuing operations.
Read full article...
How Pakistani corporate sector survived the pandemic
Pakistan, since February, has lost more than 5000 lives. This is a huge human tragedy but glancing around the world where the US has lost almost 135,000 lives, UK (a country with 60 million population) has lost nearly 60,000 lives; Pakistan has fought well in creating awareness through new institutions like NCOC, restricting movements and saving lives.
But can the same be said about businesses? The economy was in bad shape since 2017 and pandemic has only made it worse. GVS spoke with several corporate executives to understand their challenges and coping mechanisms.
To recap, Pakistan went under lockdown on 24 March and spent around two months before a smart lockdown started. IMF predicts that the global economy will shrink by over 5% this year, with European countries’ growth declining close to 10%, the USA around 6%, and India seeing a 4.5% decline.
Read more: Challenges of Imposing Lockdown: DC Islamabad explains
This is the worst annual global contraction since World War 2 – and in real terms, this contraction is being witnessed the first time since the crash of 1929. Pakistan, where the economy was already troubled, will now see a negative 1.5% growth with next year, improving to around 2% growth.
Pakistani businesses have been hit hard as they went through slowing down, restricted operations and a complete halt in quick succession while adjusting to the new realities under Corona -and regulations from the panicking government. All external and most internal travel was curtailed; businesses had to balance employee safety with sustainably continuing operations.
Read full article...
How Pakistani corporate sector survived the pandemic
