The Covid-19 pandemic has morphed into a global economic crisis. All activity is grinding to a halt with unemployment on the rise. Stock market value has declined by more than USD 27 trillion. The United Nations predicts that the world economy will go into recession in FY’21 with an anticipated loss of trillions of dollars of global income. IMF has announced a negative-growth forecast. Oil prices have fallen to historic lows. The world order is in flux.
The GOI has taken a bold decision to prioritise the lives of its citizens and face the consequences of the economic fallout. This leadership has undoubtedly helped mitigate the spread of the infection in the country. Many other countries have delayed this decision with debates on compromising economic activity in the face of higher infection risk. Regardless, it is evident that all nations will face an unprecedentedly different global economic paradigm than the one merely two months ago.