The World Bank said on Monday (June 8) that the corona virus epidemic and its lockdown to prevent it would cause the global economy to decline by 5.2 percent this year. According to the estimates of the global organization, India will have a 3.2 percent installment in 2020-21. According to the global organization, the slowdown in developed countries will be the biggest after the Second World War due to the Kovid-19 epidemic and lockdown.
In the emerging and developing economies, production will decline for the first time in at least six decades. World Bank President David Malpaus wrote in the preface to the Global Economic Prospect (Global Economic Prospect) report that the Kovid-19 recession is the first recession since 1870 only due to the epidemic.
He said, “With the speed and depth with which it has affected, it seems that revival will take time.” For this, policy makers will need to make additional interventions. ”According to the report, economic growth in developed economies will decline by 7 percent in 2020 as domestic demand and supply, trade and finance are badly affected.
India’s GDP rate will shrink by 3.2 percent, but will be back on track next year: World Bank
Emerging markets and developing economies are expected to fall by 2.5 percent this year. This will be the first decline in at least 60 years. According to the report, per capita income is expected to fall by 3.6 percent. This will throw crores of people into the morass of poverty.
World Bank’s Director (Prospect Group) A. Cosse said that the slowdown in developed countries would be the biggest recession since the Second World War due to the Kovid-19 pandemic and lockdown. At the same time, production in emerging and developing economies will decline for the first time in at least six decades. The report of India said that the Indian economy will shrink by 3.2 percent in the current financial year. This multilateral financial organization says that the country’s economy has been disturbed by the shock of Kovid-19.