Global economy to go into recession in 2020
By MYBRANDBOOK
There is no deny in the fact that, the global economy could slump into recession in 2020. It also says that aggregate demand is expected to be impacted adversely by likely recession in the global economy, caused by disruptions in global supply chains, travel and tourism, and lockdowns in many economies.
The global economy is expected to go into recession after taking into account the impact of the COVID-19 pandemic, the Reserve Bank of India (RBI) said in its latest Monetary Policy report."Aggregate demand is expected to be impacted adversely by likely recession in the global economy, caused by disruptions in global supply chains, travel and tourism, and lockdowns in many economies," the RBI said in its latest monetary policy report.
The effect comes as the country is under a 21-day lockdown as part of larger efforts to curb spreading of coronavirus infections, it may get further extended up to 30th april 2020. However,few state governments had announced on the extension of the date and the first state to take the step is Odisha . Another important thing is ,the world-wide recession is likely to have adverse affects on the Indian economy.Talking about the impact of the coronavirus outbreak on the Indian economy and job market. It is true that that some sectors are badly affected,but segments like medical care may even grow during the crisis.This is going spread to most part of the economy,including the banking system.Like a punctured cycle can't move forward on one wheel.
Secondly, social unrest has already started in many parts of India due to the countrywide lockdowns. Soon as the lockdowns relaxed,migrant workers who are marooned in different parts will try to return home.Resulted they will probably hesitate to migrate again for a while.
Experts expect that, 2020-21 a GDP growth of 2 per cent,the slowest since economy has liberalised 30 years back. Asian Development Bank (ADB) sees India's economic growth slipping to 4 per cent in the current fiscal( April 2020 to March 2021),while S &P Global ratings last week further slashed GDP growth forecast for the country t0 3.5 per cent from the previous downgrade of 5.2 per cent.
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