How Does COVID-19 Affect Demographic, Administrative, and Social Economic Domain? Empirical Evidence from an Emerging Economy

Abstract

Worldwide, the COVID-19 pandemic has had a significant impact on social and economic conditions as well as mental and physical health. Pakistan is considered in high ranks on Uncertainty Avoidance Index (UAI). The people of Pakistan have already faced numerous obstacles in terms of food and housing prospects. Job security, inflated prices of food items, and financial distress are the foremost vital challenges of Pakistan’s people during the Pandemic. This study examines the people’s perception of social, economic, and psychological impact and explores the causes and trends of spreading the COVID-19 pandemic in Pakistan. A primary survey method was conducted to collect the data from all Punjab divisions via questionnaire, and 471 respondents were finally selected for data analysis. The data collection instrument was a questionnaire, and the data analysis tool was SPSS. Investors, analysts, business professionals, economists, business faculty staff, and civil society are the study’s populations. The findings show that the overall social and economic life has been affected (82% of respondents agree) by the COVID-19 pandemic. 60.5% of respondents manage their spending through salary (mean value = 4.45), while 45% use savings (mean value = 4.25). Moreover, Government support (mean value = 3.95) plays a vital role in managing expenditure in this COVID-19 outbreak in Pakistan. Consequently, this study confirms that the lock-down implementation measure (mean value = 2.20) is not considered useful in reducing COVID-19 due to Pakistan’s financial and economic uncertainty. This study concluded the social distance and testing measures are vital tools in reducing the COVID-19 pandemic in Pakistan. However, the study established that micro-smart lockdown, increased COVID-19 testing kits, and adequate medical equipment in the Hospital of Pakistan are the key mechanism to control the pandemic. Consequently, this study recommends that thorough long-term planning be undertaken to mitigate the pandemic’s worst effects and develop a comprehensive strategy with society as the primary focus.