The Pakistan Economic Survesy 2019-20 states that the government will lose 18,53 million jobs if the shutdown of the coronavirus is to be reinforced
In a survey published by advisor to the Prime Minister on Finance Dr Abdul Hafeez Shaikh in Pakistan’s P bloc on Friday, the Pakistan Economic Survey 2019-20 warns that the government will lose 18,53 million jobs if a complete shut-down was needed to counter coronavirus.
With daily reports suggesting a sharpening increase in new cases, the government may have to revisit its lockdown policy soon.
According to preliminary estimates compiled by the Pakistan Institute of Development Economics (PIDE), “the COVID-19 pandemic can have an adverse impact on employment generation during the last quarter of 2019-20.”
“In case of limited restrictions, about 1.4 million jobs will be lost, under moderate restrictions employment loss could reach to 12.3 million and 18.53 million people will be unemployed in case of a complete shutdown,” the survey says.
The report cites the Labour Force Survey 2017-18 to estimate the size of the total labour force as 65.5 million, with an unemployment rate of 5.8 percent.
According to that survey, the highest unemployment (11.56%) is prevalent among the age 20-24, indicating youth unemployment.