write an essay on impact of covid 19 on the world economy import and export of pakistan
Answers
A week ago, President Arif Alvi congratulated the nation for its "victory" against COVID-19 during an interview with a local broadcaster. Alvi said the government successfully saved the country's poorest from the financial impact of the pandemic. At the time of Alvi's commendation, the confirmed number of COVID-19 patients in Pakistan stood at 259,998 and 2,085 new cases had been recorded in the last 24 hours. Pakistan's exports primarily comprise of textile products. These exports are down since the COVID-19 crisis started, with some orders even being canceled. Moti does not expect demand to pick up again post pandemic. "All of this will negatively impact foreign reserves and ultimately the currency value. In the long run, financial markets will also be negatively affected," he said. When Khan took power in 2018, Pakistan's GDP growth was around 5.8%; now it is 0.98% and is likely to decline further. The country's fiscal deficit is almost 10% and revenues have plummeted in the past two years.