Punjab economy may face $18-20bn loss in case of a three-month lockdown

With the decline in provincial economy output, the loss of employment will be estimated at between five and eight million and almost all people will be able to get themselves out of work. It is expected that they will immediately fall below the poverty line.                

Most of the non-essential businesses and services have been shut down in the province as part of social distance measures to curb the spread of COVID-19, which has put the province under lockdown for the past six weeks. The disease has affected 5,400 people and killed 81 in the province as of Sunday. It is feared that the disease could spread rapidly After easing the lockdown on public transport and the reopening of some unnecessary businesses. The disease has affected more urban areas than in rural areas.

Estimates of economic and employment losses have been planned in a new strategy developed by the Punjab Planning and Development Board in response to the challenges facing the province in the context of COVID-19.

New Strategy Of Economy

The new strategy, which is being unveiled by Chief Minister Usman Bazdar on Monday (today), will replace the five-year Provincial Development Strategy 2023, with the budget allocated for the current Provincial Annual Development Program (ADP) in the strategy is the allocation of  308 billion has been demanded by the government to ensure a speedy and sustained response to the early recovery from the effects of COVID-19. The fiscal year is set to exceed 600bn next year.

Punjab economy may face $18-20bn loss in case of a three-month lockdown

“This isn’t an ideal opportunity to be hesitant; we have to protect the economy and occupations now,”  a senior planning and development board officialwords on Sunday.

Furthermore, it suggests the implementation of new targeted interventions to significantly improve governance capabilities to enable the government to respond more effectively and quickly to challenges such as the disease of COVID-19. In addition, the document recommends the implementation of an effective risk communication strategy to ensure the implementation of the necessary precautions to protect people from infection.

The strategy also calls for improvements in the public financial management system to make them accountable for major shocks and to allow for additional spending through an effective spending strategy and efficient tax collection.

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