IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v14y2022i3p1054-d727048.html
   My bibliography  Save this article

Fresh Insight through a Keynesian Theory Approach to Investigate the Economic Impact of the COVID-19 Pandemic in Pakistan

Author

Listed:
  • Kashif Abbass

    (School of Economics and Management, Nanjing University of Science and Technology, Nanjing 210094, China
    Riphah School of Business and Management, Riphah International University, Lahore 54000, Pakistan)

  • Halima Begum

    (Schools of Economics, Finance, and Banking, Universiti Utara Malaysia, Sintok 06010, Kedah, Malaysia)

  • A. S. A. Ferdous Alam

    (School of International Studies, Universiti Utara Malaysia, Sintok 06010, Kedah, Malaysia)

  • Abd Hair Awang

    (Faculty of Social Sciences & Humanities, Universiti Kebangsaan Malaysia, Bangi 43600, Selangor, Malaysia)

  • Mohammed Khalifa Abdelsalam

    (Department of Banking and Risk Management, School of Economics, Finance and Banking, Universiti Utara Malaysia, Sintok 06010, Kedah, Malaysia)

  • Ibrahim Mohammed Massoud Egdair

    (Department of Business Administration, Faculty of Economic and Accounting-Murzq, Sebha University, Sebha 00218, Libya)

  • Ratnaria Wahid

    (School of International Studies, Universiti Utara Malaysia, Sintok 06010, Kedah, Malaysia)

Abstract

Beyond the immediate impositions of dealing with COVID-19, this disease represents a severe and significant challenge confronting Pakistan’s economy. The study’s objective was to evaluate the coronavirus epidemic’s effect on Pakistan’s economy and measures devised to mitigate the damage done by this disease. The study research design used the elementary concept of Keynesian theory comprising of the mapping of systematic behavior of the COVID-19 pandemic. Issues were formally underpinned, described, and visualized through the Keynesian theory concept. The eruption of COVID-19 has jolted the national and international economy. Pakistan is included, causing millions of people to stay at home, lose their jobs, and suspend or end business operations. Unemployment in Pakistan has reached nearly 25 million people, driving many towards conditions of hunger and poverty as the major economic damage in several sectors is anticipated at around PKR 1.3 trillion. The hardest-affected sectors comprise industries such as tourism and travel, financial markets, entertainment, manufacturing, etc., having a devastating effect on gross domestic product (GDP). It is mainly daily-wage earners and people running small businesses that have been seriously exploited and subjected to a curfew-like situation. However, the Keynesian theory suggests that supportive macroeconomic policies must restore trust, demand recovery, and provide interest-free loans to overcome Pakistan’s currently upcoming crisis.

Suggested Citation

  • Kashif Abbass & Halima Begum & A. S. A. Ferdous Alam & Abd Hair Awang & Mohammed Khalifa Abdelsalam & Ibrahim Mohammed Massoud Egdair & Ratnaria Wahid, 2022. "Fresh Insight through a Keynesian Theory Approach to Investigate the Economic Impact of the COVID-19 Pandemic in Pakistan," Sustainability, MDPI, vol. 14(3), pages 1-20, January.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:3:p:1054-:d:727048
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/14/3/1054/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/14/3/1054/
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ayesha Serfraz & Md. Qamruzzaman & Salma Karim, 2023. "Revisiting the Nexus between Economic Policy Uncertainty, Financial Development, and FDI Inflows in Pakistan during Covid-19: Does Clean Energy Matter?," International Journal of Energy Economics and Policy, Econjournals, vol. 13(4), pages 91-101, July.
    2. Reda M. S. Abdulaal & Anas A. Makki & Isam Y. Al-Filali, 2023. "A Novel Hybrid Approach for Prioritizing Investment Initiatives to Achieve Financial Sustainability in Higher Education Institutions Using MEREC-G and RATMI," Sustainability, MDPI, vol. 15(16), pages 1-18, August.
    3. Liu, Ailan & Dai, Sijia & Wang, Zhixuan, 2023. "Environmental protection tax on enterprise environmental, social and governance performance: A multi-perspective analysis based on financing constraints," Journal of Asian Economics, Elsevier, vol. 89(C).
    4. Wenli Wang & Liangjie He & Jie Ma & Chun-Ping Chang, 2024. "Executive compensation, equity structure and risk-taking in Chinese banks," Economic Change and Restructuring, Springer, vol. 57(3), pages 1-28, June.
    5. Abbass, Kashif & Sharif, Arshian & Song, Huaming & Ali, Malik Tayyab & Khan, Farina & Amin, Nabila, 2022. "Do geopolitical oil price risk, global macroeconomic fundamentals relate Islamic and conventional stock market? Empirical evidence from QARDL approach," Resources Policy, Elsevier, vol. 77(C).
    6. Khan, Rizwan Ullah & Richardson, Christopher & Salamzadeh, Yashar, 2022. "Spurring competitiveness, social and economic performance of family-owned SMEs through social entrepreneurship; a multi-analytical SEM & ANN perspective," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    7. Narendra Singh Ranawat & Ayon Chakraborty, 2024. "The Impact of Third-Party Financial Products on the Consumer Loan Services Market in the Banking Sector: An Analysis of Sales Progress and Consumer Behavior," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 31(2), pages 367-387, June.
    8. Sarmann I. Kennedyd & Rob Kim Marjerison & Yuequn Yu & Qian Zi & Xinyi Tang & Ze Yang, 2022. "E-Commerce Engagement: A Prerequisite for Economic Sustainability—An Empirical Examination of Influencing Factors," Sustainability, MDPI, vol. 14(8), pages 1-24, April.
    9. Maria Ghani & Usman Ghani, 2024. "Economic Policy Uncertainty and Emerging Stock Market Volatility," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 31(1), pages 165-181, March.
    10. Vincent Canwat, 2023. "Political economy of COVID-19: windows of opportunities and contestations in East Africa," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-16, December.
    11. Qingwen Li & Guangxi Yan & Chengming Yu, 2022. "A Novel Multi-Factor Three-Step Feature Selection and Deep Learning Framework for Regional GDP Prediction: Evidence from China," Sustainability, MDPI, vol. 14(8), pages 1-21, April.
    12. Isam Y. Al-Filali & Reda M. S. Abdulaal & Ammar A. Melaibari, 2023. "A Novel Green Ocean Strategy for Financial Sustainability (GOSFS) in Higher Education Institutions: King Abdulaziz University as a Case Study," Sustainability, MDPI, vol. 15(9), pages 1-17, April.
    13. Fredrick Nsambu Kijjambu & Benjamin Musiita & Asaph Kaburura Katarangi, 2024. "Human Capital Development and Unemployment in Uganda: The Keynesian Theory of Unemployment in Perspective," Journal of Economics and Behavioral Studies, AMH International, vol. 16(1), pages 94-108.
    14. Bhat, Aijaz Ahmad & Mir, Ajaz Akber & Allie, Adeel Hussain & Ahmad Lone, Mushtaq & Al-Adwan, Ahmad Samed & Jamali, Dima & Riyaz, Iqra, 2024. "Unlocking corporate social responsibility and environmental performance: Mediating role of green strategy, innovation, and leadership," Innovation and Green Development, Elsevier, vol. 3(2).
    15. Serfraz, Ayesha, 2022. "Relationship between foreign direct investment inflows and Covid-19 pandemic in Pakistan: A monthly co-integration analysis," ZÖSS-Discussion Papers 97, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:14:y:2022:i:3:p:1054-:d:727048. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.