Explain these in simple words. Give a topic name relevant to the material shared. Use statistics and graphs aswell.
Beginning of new fiscal year was better in term of containment of pandemic and Economy of Pakistan rebounded strongly in FY2021 and posted growth of 3.94 percent economic recovery, however second wave in late October 2020 and third wave in March which is not only substantially higher than the previous two years (-0.47 and 2.08 2021 made government efforts more challenging for containing the pandemic and keeping the economic activities to continue. percent in FY2020 and FY2019 respectively) but also surpassed the target (2.1 percent for FY2021). Despite strict fiscal constraints, timely and appropriate policy measures Real GDP growth of 3.94 percent in FY2021 is V-shaped economic recovery which shows taken by the government resulted in a V-Shaped economic recovery. concerted efforts of government for addressing structural issues to avoid further macroeconomic imbalances. The government also took some immediately requisite Start of 2021, amid worldwide vaccination campaigns, the global economy started measures for sustainable and robust growth along with protecting the most vulnerable showing healthy signs of recovery, however, third wave of the pandemic tempered the segments of the society. Given fiscal constraints, the government had also to address pace of economic recovery. The pandemic which has already induced shocks like public health issues faced because of pandemic, uplift the weaker segment of society that lockdowns, border closures, collapse of trade, travel bans and financial market volatility suffered due to lockdowns and keep the economy moving. Further unlike past, the globally. Third wave in Euro Area, UK, India and many other countries further intensified government restricted itself in borrowing from SBP and also followed expenditure- these restrictions thus affecting the global supply chains. Experts started projecting control measures in context of the structural changes for conducting fiscal policy difference in recovery on the basis of divergent circumstances of each country and the measures. Relief provision to vulnerable segments and growth support was government's utmost priority. However, high interest payments (July-March FY2021 idiosyncrasies of its policy response. It was argued that success in the post-pandemic Rs 2.1 trillion ($ 13.1 billion); 4.6 percent of GDP; 32 percent of Total Expenditures) era will reflect a constellation of policies and capacities peculiar to each country, restricted expenditure side from going all out with options, while the fiscal position including national vaccination rates, integration into major economic blocks, the ability further became weaker due to sharp decline in non-tax revenues (7.3 percent decline in to provide fiscal and monetary stimulus and the restoration of solvency in the private July-March FY2021 compared to corresponding period last year). Still government has sector. For Pakistani economy, this pandemic also became a severe challenge as country not made any compromise on relief provision to vulnerable segments. In FY2021, was already under the pressure of stabilization required to address Balance of Payments allocation for Ehsaas Programme has been increased from Rs 187 billion ($ 1.17 billion) crisis emerged in FY2018. Thus, both consecutive adverse shocks; stabilization pressure to Rs 208 billion ($1.30 billion) to provide relief to vulnerable segments of society which owing to Balance of Payments (BoP) crisis and COVID-19 pandemic put the economy far was affected by pandemic in term of health and livings. Under "Ehsaas Emergency Cash below its potential level which resulted in a negative growth in FY2020. First wave of Program", 14.8 million families were benefited. It was the commitment which also made pandemic started in April 2020 (Fig-1), depressed majority of economic activities. the Programme globally recognized. According to World Bank report on "Social Protection and Jobs Responses to COVID-19: A Real-Time Review of Country Measures" published on May 14, 2021, Pakistan is ranked Fourth in terms of number of people Fig-1.1: COVID -19 in Pakistan New cases (7 day MA) -Total deaths (RHS) covered while Third in terms of the percentage of population covered, and remained 700 25000 amongst those that covered over 100 million people (Fig -1.2) 6000 20000 5000 Fig - 1.2: Top 10 cash transfer programmes by actual coverage (million people) 15000 4000 India (PMJDY) 206.5 3000 10000 United States (First stimulus check 2020) 160.0 5000 Japan (Universal one-off transfer) 116.5 2000 Pakistan (Ehssas emergency cash) 100.9 1000 China (Dibao) 83.9 -500 Philippines (Emergency subsidy program) 69.3 Brazil (AE) 68.2 9-Jul-20 51.6 3-Jun-20 5-Jan-21 Korea, Rep. (Universal one-off program) 19-Sep-20 16-Feb-20 18-Mar-21 23-Mar-20 28-Apr-20 14-Aug-20 10-Feb-21 23-Apr-21 29-May-21 30-Nov-20 25-Oct-20 Indonesia (BLT Dana Desa) 42.5 Indonesia (BST) | 34.7 Source: https://covid.ourworldindata.org/data/owid-covid-data Source: World Bank 30 80 130 180 This is an indication that contrary to earlier trickle-down approach, the government followed growth-oriented policies along with protection of vulnerable segments. The government is also considering bottom-up approach for economic growth. Since COVID- 19 outbreak, the government started giving special attention to the sector on which
