After one decade of incessant development, the global economy is fading out of the blue. The
global pandemic of covid-19 has reconfigured the world socially, psychologically, economically
and environmentally. This sloping situation has changed the way we work, the way we care, and
the way we live the life. It is still uncertain about the post-pandemic functionality of the society. It
is pertinent to know that who will be the global economic prospect and how quickly the world will
recover from this global recession.
Notably, the factor-driven economies will be at the colossal prey in this drive of economic
recovery. They were already on the shakier economic settings after 2009’s global recession and
now are hard-pressed with respect to health and economic calamity. The trade deficit is widening
hence, the external debt has reached the highest levels. There are assumptions that things may
quickly go back to normal but still, the developing economies would shrink by roughly 2% and
their output would reduce by nearly 3%. They will have a long-lasting damage, lesser credible
growth for extended period of time, which will grave the impact on poverty and wide inequality
gap. However, the World Bank, and IMF are ramping up their support to the developing
economies.
The policymakers of Pakistan have the real challenge to face as they have a very narrow window
to limit the pain in less time. They must focus on the timely and prioritized measures especially in
case of health sector which is grossly underequipped. The prime focus is and will be to save lives,
ensure livability, help the businesses, and guarantee the public services. The unprecedented ways
will help the economy to manage the instantaneous response and speed up the revitalization. If the
policymakers will not be corresponding as required, the damage will necessitate a much larger
response later. Currently, this reckless change has brought the changing work nature to working
remotely which is the only viable option left. Or working smartly by adopting all the necessary
preemptive measures is somewhat the better option for the world. We must act divisively to lay
the foundation for the sustainable solutions to the robust recovery.
Research Title:
Socio-economic impacts of Covid-19 on developing countries especially Pakistan
Research Questions?
1. How recovery is possible from the socio-economic loss caused by COVID-19 in underdeveloped countries?
2. Will Pakistan be able to develop policies to encounter COVID-19 impacts on economic
and health sector?
Problem statement:
The global economic structure is badly affected by global pandemic COVID-19. The economies
of under-developed countries including Pakistan are about to crash due global lockdown in
COVID-19 situation. The impacts of this pandemic are seen to be long-lasting as the vaccination
of this disease is yet not made and till that time, socio-economic situations would not be stable in
under-developed countries. Even health care systems of modern and most developed countries are
being crashed and that’s why lockdown is being imposed. The socio-economic situations of
Pakistan is getting worse due to this global pandemic. The authorities and policy makers are trying
their best to encounter the medical and economic issues in the country caused by continuous
lockdown. There is a need of strong policies to stabilize the economic as well as other sociopolitical and psychological conditions of public in Pakistan.