Economic costs

It is too early to calculate the amount of worldwide economic loss that would occur as a result of the outbreak of the coronavirus. As it is, there is huge panic and uncertainty prevailing all over the world. There are different and at times misleading stories being spread, even by some medical experts. Now infected people are being stopped from travelling from one country to another. After China, Italy, Iran and South Korea are the most affected. A total of 151 countries of the world have so far been affected.

In view of the panic situation and uncertainty prevailing, the stock exchanges have crashed, petrol prices have come down to $34 per barrel and many countries have banned international travelling. As a result, many passenger carrier air companies are out of business. No spectators are allowed in stadiums in any domestic or international sport events . All business activities have come to a standstill. People are being advised to stay at home. I can only imagine that the impact of this unprecedented economic loss is going to be huge especially upon countries like ours.

Cdre (r) Sajjad Ali Shah Bokhari

Islamabad