Corona has reduced the income of 6.7 million people, SBP said

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Corona has reduced the income of 6.7 million people, SBP said

Karachi: According to a special survey of the employment impact of Corona, the income of 6.7 million people decreased. According to the SBP’s second quarterly report, Corona’s Special Employment Impact Survey reduced the income of 6.7 million people. The number of workers reached 35 million during the lockdown. The number of workers before the outbreak of Corona was 55.7 million.

After the resumption of economic activities and ease of transportation, the number of unemployed workers decreased by 37% and the number of workers reached 50 million. Up to 2.5 million have been restored.

According to the SBP, the lockdown saw the biggest decline in construction-related jobs by 59 percent, with 21 percent of construction-related workers losing their incomes. GDP growth will be 2 to 3 percent this financial year.

The GDP growth target for the current financial year was set at 2.1%, it has become difficult to keep the inflation target at 6.5%, the growth rate will remain at 7-9%. According to the SBP, the current account deficit will remain at one percent of GDP, the fiscal deficit was targeted to be limited to 7 percent, the fiscal deficit will be 6.5 to 7.5 percent of GDP.

According to the SBP, the process of job restoration is accelerating in Sindh and Punjab. In July-November 2021, the growth rate of employment fell to 0.9 percent. Accelerating the pace of activity in the construction industry has also accelerated the process of job restoration.

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According to the SBP, cotton production is at its lowest level since 1986, major Kharif crops in the agricultural sector performed better than last year, construction and allied industries, food processing industries played an important role in industrial growth.

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