Abstract
This research is done to ascertain the economic condition of the people of Pakistan duringCOVID-19 and the condition of tourism in the country. Despite of fact that travel bans were madealong with school closure, however these hurdles did not affected tourism in Pakistan. The company’s balance sheet depicts more profit in comparison to previous years but that it is because of high fare and arrangement charges. Not due to increase in number of tourists. Purposive sampling strategy was used and the data was collected from pirvate travelling companies working in Pakistan. It is depicted by the results that the overall profit secured by the companies increased during corona (Mean profit before corona= 89666; Mean profit during corona = 102915). Furthermore the hypothesis was accepted that covid-19 positively effected tourism industry of Pakistan [p<.005; t=1.51 (df=23) SD= 43005.98].
Highlights
In an already unequal world, Covid-19 Pandemic proved to be a catalyst that furthered the existing breach between developed and developing nations
Covid-19 is known as a black swan event and is connected to the economic recession of World War II (Resilient leadership responding to COVID-19, 2020), it damagesthe global health system and every aspect of human life is on a downward slide
In COVID-19 people’s economic conditions become worst and unlike all industry tourism did not suffered from the impediment as greatly
Summary
In an already unequal world, Covid-19 Pandemic proved to be a catalyst that furthered the existing breach between developed and developing nations. (Barua, 2020) described in his research that COVID-19 affected all (poor & rich) the economies of the world This investigationdirected macroeconomic shockwave areas, like demand, supply, supply chain, price level, etc. The lockdown had auninterrupted negative effect on the stock market and economic activity of the country, But Government income support packages had a positive impact on countries’ economies. (Fernandes, 2020) in his report discussed the economic impact of COVID -19 on the world economy He describes that amidst all problems IMF has developed some new estimates for growth in 2020 (Feb 2020). The economy is experiencing demand & supply shock, countries with more service-oriented economies will be more affected This statement outlines some possible economic circumstances and policy repercussions.
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