Impact of Covid-19 on Human Economic Well-Being and Living Standard in Pakistan

The Coronavirus (COVID-19) continues to wreak havoc on Pakistanis' life since its inception. From two verified cases on February 26-2020 in China to more than 1.27 million reported cases and death of 28,456 by November 02, 2021 (Dawn, November 2,2021). According to the International Monetary Fund, the poverty rate in Pakistan has increased substantially, reaching as high as 40% after Covid-19. To assess Covid-19 impact on people's socio-economic life, we used a structured questionnaire to collect data through field survey. We applied the Jamovi and Cronbach Alpha reliability and validity technique to check reliability of data. Our findings show that there is substantial effect of COVID-19 on the health and well-being as well as living standard of the people in Pakistan despite this that the Government of Pakistan took all possible policy initiatives to minimize its effect. Small business firms suffered huge losses and employees working in informal sectors were laid off in large number. The Government should provide financial assistance to small firms to continue their business and contain growing unemployment and poverty in the country.