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SBP warns of adverse economic impact due to extensive duration of coronavirus measures

SBP warns of adverse economic impact due to extensive duration of coronavirus measures

KARACHI: The State Bank of Pakistan (SBP) said Monday the extensive duration of pandemic measures, including the widespread and long-lasting coronavirus lockdown, would adversely impact the economy.

In a report on the overall effect of the deadly coronavirus on the economy, the central bank noted that the outbreak had limited the scope of economic activity across Pakistan, with shopping malls, restaurants, and other public places partially or completely closed.

Uncertainty would remain in the country until the lockdown was completely lifted, the report stated; however, under normal circumstances, the effects of natural disasters can be tackled and economies return to normal after renewal and rehabilitation.

“The growth can be boosted by adopting economic recovery policies, however, in order to stem the rapid spread of coronavirus, there will be an increase in public health expenditure of the country,” the SBP highlighted.

It is pertinent to note that Pakistan was under a strict lockdown in a bid to curb the spread of coronavirus but the restrictions were relaxed by Prime Minister Imran Khan earlier this month.