KARACHI – Coronavirus Possibly To Boost Pakistani Exports. Novel coronavirus (COVID-19) has affected the global economy heavily. Causing massive supply chain disruptions, alongside slowing down the economic giant China.
According to details, Deputy Governor of the State Bank of Pakistan, Murtaza Syed, however said that the slowdown in the Chinese economy could be a boon for Pakistan’s exports. Which can increase at least in the medium term. He said that Pakistan has deep trade links with China. Therefore Pakistan will be under affect by the halting of industrial and economic activities in China due to the Coronavirus.
State Bank’s official says that Pakistan’s exports can be in increase in view of the halting of exports from China. However, Murtaza was of the view that the increase in exports will be a medium-term opportunity. He said that Pakistan imported sixty percent of machinery and twenty percent of raw materials from China. Due to disruption in the supply chain because of the coronavirus, local importers have started looking at other markets. Coronavirus Possibly To Boost Pakistani Exports.
Just days ago, the Asian Development Bank (ADB) in its latest report said that the coronavirus outbreak could cost the Pakistan economy. The range is of $16.387 million to $4.95 billion, or 0.01 to 1.57 percent of gross domestic product (GDP).