COVID-19 Crises: Global Economic Shocks vs Pakistan Economic Shocks

This paper documents, information about the current outbreak of Corona virus and its multidimensional effects witnessed worldwide The objective of the study is to disseminate information to policymakers, government and the general public, to facilitate the efforts for fighting against the contagious virus and aims to contribute to the economic and social welfare Though the data changes rapidly by every passing minute, yet the current scenario may be analyzed to evaluate the present situation for a fruitful outcome Hence, the discussion may be useful for all the stakeholders (government, policymakers and the public) for their reference Various studies previously observed that widespread contagious diseases have a severe impact on the economy It is observed that the faster and wider the outbreak of disease, the higher and severer the influence on the economies The economies face shrinkage of income, revenue, earnings, while health expenditure increases for hospitals, medical kits, ventilators, uniforms, masks, gloves, medicines and other medical equipment Therefore, it has a two-pronged adversely hitting effect on economies to manage the imbalance in the budget and fiscal matters Another unfortunate situation is when the high populated country is poor too The world has realized the effects of the different contagious viruses in the different times in history Nevertheless, the virulence and the severity of the COVID-19 is far greater than the previous viral breakouts We, in this research attempt to highlight the multidimensional effects of COVID-19 and create some possibilities how to deal and fight with this cruel and invisible enemy © 2020 ASTES Publishers All rights reserved