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Economic lessons taught by Covid-19 pandemic

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KARACHI:

The post-pandemic world is filled with uncertainties. Who knows when a new variant of the novel coronavirus would hit and where?

And who can predict precisely how a new wave of Covid-19 would affect national, regional and international economies? It seems a new world is emerging. Economic development patterns are changing. Economic growth models are changing. And, consequently economic policy priorities are also changing. Some nations are more adventurous by nature.

Others are not. The first lesson the world has learnt during the pandemic is that it has to respond collectively to every challenge, which can potentially affect all nations. This means no nation – big or small – can now afford to go solo in braving a global challenge like the Covid-19 pandemic. So, the first thing Pakistan’s policymakers must do – and it is good to see they are already doing – is that they must benefit from the world experience in containing the…

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