Pakistan, May 20 -- Economic crises are not new to human. The phenomena is going on from unknown times. In past recession were triggered due to supply or demand shock, or bad performance or mismanagement of financial sectors. We can quote numerous examples from known history of human kind like great recession of 1930s or the latest recession of 2007-8. World had become used to and devised a set of tools to counter the impacts but COVID-19 triggered economic turmoil has introduced entirely new dynamics.

The crisis triggered by COVID-19 has two distinguish characteristics, which make it different from the past, 1) the closure of economic activities, 2) reduced or no mobility. The closure of economic activities is new dimension of problem. ...