Tuesday, June 25, 2024

Single Public Holiday can Cost Pakistan Economy Rs. 300 Billion Loss, Economic Analyst

Prime Minister Shehbaz Sharif has made a nationwide declaration of a public holiday for Youm-e-Takbeer, a significant day in Pakistan’s history. This decision has prompted the postponement of examinations and the closure of various sectors including government offices, banks, courts, and educational institutions throughout the country.

The economic ramifications of each public holiday are substantial for Pakistan, resulting in an annual GDP reduction of 1-2%, amounting to over Rs100 billion.

Economic analyst Khurram Schehzed has highlighted that a single public holiday can impact the national exchequer by $1.1 to $1.3 billion (over PKR 300 billion), with unexpected holidays having a more pronounced effect due to disruptions in business operations and financial planning strategies.

This underscores the broader implications of such governmental decisions on the economy and public services.

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