Impact of Pandemic on the Financial Position of the Middle-Class Income Groups of Pakistan

Abstract

The world today, is suffering from yet another pandemic known as Covid-19. Even though the entire world has been majorly impacted by this disease but the focus of this paper shall be on how Pakistan was impacted and most specifically how the middle-class income group of Pakistan has been impacted by this pandemic. It was on 26th February when the first case of Covid-19 was reported in Pakistan and as soon as it was reported, WHO warned Pakistan that if the country is unable to contain the virus, it will cause a major impact in the coming days. That's exactly what happened, despite the fact that the country was able to control the first and the second wave. This research contains a detailed analysis on whether or not the financial stress of people has increased during Covid-19 as compared to pre Covid-19 situation. This research also contains a thorough study on how the middle-class income groups have been affected by the pandemics as well as epidemics in our history. This is mainly to understand how the blow of this impact can be reduced. The research also highlights certain trends that have become apparent, after the rise of Covid-19 within the middle-class households with respect to their income, savings and. Covid-19 is not an individual problem but a problem for the entire nation. If it impacts one income group, there is not only a probability of it impacting other income groups but also the overall economic and financial growth of the country. Hence it is very important to understand and analyze the impact of this ongoing Pandemic.