Pandemic becomes cancer for economies



ISLAMABAD, JUNE 26 – Leader of the business community and former President ICCI Shahid Rasheed Butt on Friday said coronavirus is sinking economies and hurting masses.

The losses are surpassing projections, as the changing consumer behaviour has also become a threat to the economies worldwide.

Majority of the people are now preferring savings and spending on essentials which is not enough to keep the economy moving on desired pace, he said, adding that people like to remain confined to homes which have damaged hotels, restaurants, garments, leisure and many other sectors.

Shahid Rasheed Butt said that consumption of fuel has reduced while majority has inclined towards religion, charity, internet and online movies.

Globally hotels have witnessed 66 percent reduction in business, 35 percent decrease in fuel consumption while all other sectors are facing problems.

The business leader said that like all other sectors, the cement sector has taken a blow, Pakistan’s cement sales and exports have declined significantly but it is better from India where cement production has reduced by 86 percent.

Cement production in China has condensed by 30 percent while the ratio in the UK is 25 percent.

He said that local industry is reeling under the economic situation and impact of infection therefore all unnecessary imports should be banned immediately to save the industrial sector from collapse.

He said that Pakistan, India and Bangladesh are home to 23 percent of the world population representing 8.3 percent of the total Covid-19 cases.

Karachi, Lahore, Mumbai, Delhi, Dhaka are not only densely populated but also have a high number of Covid cases due to very poor air quality.

Another of the virus could be expected in early winters, which could be more lethal when air pollution reaches shocking levels, he said.