A year of unprecedented loss
Services sector records negative growth of 0.6% for first time since 1960s
Year 2020 had been like no other year, especially in terms of digital transformation witnessed in Pakistan. PHOTO: REUTERS
Growth in much of the world’s services sector was anaemic in 2020 as industries were worried about the economic destruction caused by the Covid-19 pandemic across the globe.
In Pakistan, one of the most hard-hit areas was the services sector, which for the first time since the 1960s recorded a contraction of 0.6% from July 2019 to March 2020, revealed the Economic Survey of Pakistan 2019-20.
Terming services a supporting sector for the economy, senior economist Dr Ashfaque Hasan Khan said the negative growth came on the back of dismal performance of the manufacturing and agriculture sectors.