Answer to Question #124997 in Macroeconomics for sami zaman

Question

In addition to the severe human cost, the COVID-19 pandemic has forced Pakistan’s already suffering economy to a grim situation. According to World Bank the drop in domestic and global demand is also compounding the damages on the industrial sector, which is hit by both supply and demand shocks. This pandemic has halted all kinds of markets in Pakistan.
Using appropriate diagrams, explain the impact of COVID-19 outbreak on labor market equilibrium, full employment and real gross domestic product in Pakistan? No Marks without diagram.

Answer 1

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