New survey predicts COVID-19 to cost Pakistan 1.4 million to 18.5 million jobs

The statistics suggest that approximately 1.4 million jobs will be lost in limited restrictions.

While thousands of Pakistanis are struggling for their health during the COVID-19 crisis, millions now must fight for their jobs too. The pandemic has forced a substantial percentage of skilled and unskilled labor to lose their stream of incomes.

The statistics were compiled by the Pakistan Institute of Development Economics (PIDE) Economic Survey citing. It stated that during the last quarter of 2019-20, the employment generation would be adversely affected due to the economic crisis.

Statistics suggest that approximately 1.4 million jobs will be lost in limited restrictions, 12.3 million jobs will be lost under moderate restrictions, and 18.53 million jobs will be lost if Pakistan goes for a complete shutdown.

Severe unemployment is not just the case of Pakistan but people all over the world are being laid off due to economic shutdown worldwide.

To ease the economic distress, the State Bank of Pakistan has come up with an easy loan scheme for corporations. Using it, they can pay salaries to their employees instead of firing or sacking them on the account of slow business activity or lockdown.

The scheme has currently saved 1.2 million jobs as it was highly appreciated by over 2,000 companies and received an overwhelming response all over the country.

However, with limited work and business opportunities, the job market seems a little tight for the workforce that is ready to step in.

According to the Labor Force Survey 2017-18, 61.4 percent of Pakistan\\’s population is aged between 15 to 64 years, 12.1 percent is aged between 0 to 4 years, and 22.1 percent is aged 5 to 14 years.

The survey measures Pakistan\\’s total labor force as 65.5 million with a 5.8 percent unemployment rate. It also states that the highest unemployment rate was among the ages 20-24 years age bracket, recorded at 11.56 percent.

What are your views on this? Share with us in the comments bar below.

  • Locking down countries is not an option, corona is not a T20 match. It is here to stay for long.. no economy in the world can sustain lockdown… that is why every country is lifting restrictions while their covid19 graphs are spiking…

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