Challenges to Economic Stability amid Global Epidemic of COVID-19: Apposite Policy Recommendations for Economic Revival in Pakistan

Abstract

Akin to Spanish flue of 20th century, the Coronavirus disease 2019 (COVID-19) pandemic is an unprecedented global emergency of 21st century, bequeathing a crucial impact on lives and livelihoods which triggered phenomenal policy challenges for economic revival. COVID-19 swiftly proliferated all over the globe and crumpled world economies in a short span of less than 90 days. It's beyond the imagination of all and sundry to welcome the new year with such a perilous virus that dragged the world to a grievous halt-a global lockdown. This mammoth vulnerability accentuated some imperative measures by governments in public and private sectors regarding policy formulation, contextualisation and implementation in the perspective of an unparalleled global pandemic. This article dilates upon proliferation scenario of a pandemic in Pakistan with stringent combating measures by the government during commencement of pandemic, lockdown and soft lockdown situation. Multi-dimensional socio-economic challenges emerged out of protracted shut-down are deliberated. This startling scenario impinges upon governments to formulate policies and reforms for the wellbeing and prosperity of the nation as a renewed social contract between the citizens and the state. Some apposite policy recommendations are set forth for economic revival in respect of revisiting health sector, constitutional developments, economic boost through fiscal and monetary policies, trade-related strategies, Islamic finance, social protection of vulnerable segments and industrial policy amidst social distancing. This paper stipulates knowledge edifice for future researchers to combat and mainstream pandemic for the wellbeing of regional and global nations.

Keywords: COVID-19, Economy, Government, Lockdown, Policies