The data is 2018 data and table above from SBP shows contraction in Imports so im still waiting for published data of 2020 in such case but in above major curtailment is in import bill plus machines imports so bear with me till that time but to give you an idea what we import and what is reduced i.e from the above . For Job losses most reliable numbers or rule of thumb is GDP growth rate i.e Oklun Law
Okun’s Law: The Basics
In its most basic form, Okun’s law investigates the statistical relationship between a country’s
unemployment rate and the growth rate of its economy. The economics research arm of the Federal Reserve Bank of St. Louis explains that Okun’s law “is intended to tell us how much of a country’s
gross domestic product (GDP) may be lost when the unemployment rate is above its
natural rate.”
We have undocumented economy but all major economist are reporting closed to 10 Million Job losses before Corona
Dr Pasha said that GDP growth figure of 3.3 percent is not right rather it was 1.9 percent and during the current financial year it would be hovering between 1.2 or 1.3 percent. He said that according him and his team’s estimates in last year one million people got unemployed and this year about 1.2 million will lose their jobs as the economy will further be contracted this year.
He said 2 million people used to enter into labour force, but now the ground reality speaks otherwise as in first two years of PTI government, about 2.2 people are estimated to lose their jobs. He said his working about GDP is based on unbiased research. He said that the country is experiencing severe kind of stagflation which means high inflation and lowest rate of production and employment.
ISLAMABAD: Dr Hafeez Pasha, a top economist, has questioned the working of the financial managers of the incumbent regime in borrowing the loans from the State Bank of Pakistan and calculating the...
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