Abstract:
In the entire history of the world, Covid-19 pandemic has proven to be extremely harmful and catastrophic. In less than a year, it spread to every region of the globe. Millions of people died worldwide, changing lifestyles and disabling contemporary technology. The global economy has slowed down because of Covid-19. One of the countries most severely impacted by COVID-19 has been Pakistan, where the pandemic's economic disruption has worsened a situation that already exists. This study aims to examine the critical review of Covid-19 in Pakistan and its impact on Pakistan and global economy. The affected sectors during the Covid-19 pandemic of economy are Gross Domestic Product (GDP), tourism, trade, health, and other sectors, but the economic sector most affected by COVID-19 is the household sector. The Secondary data for the Gross Domestic Product (GDP), inflation, total trade, population, and the Covid was taken from the Pakistan Bureau of Statistics, World Bank’s website and Government of Pakistan website from 1995 to 2021. This research has been conducted to examine the impact of inflation, trade, population, and Covid on the GDP of Pakistan. The regression analysis has been used to find out the relation between dependent and independent variables. From the results of this study, it was found that there was a positive relation of inflation, population, total trade with respective to GDP in Pakistan, while the effect of the Covid on the GDP was negative. The government should implement appropriate policies to stabilize economic growth. The study also recommended strong policies that aims to assist Pakistan in re-establishing a stronger manufacturing sector and re-establishing a path toward SDG-9-compliant sustainable and equitable industrial growth.
