Coronavirus pandemic is shrinking the global economy at least to 3%, as per the records are reaching to the same mark of the Great Depression in the 1930s’; said by the International Monetary Fund.
The organisations have predicted that the global economy is going to develop at a rate of 5.8% in the 2020 World Economic Outlook. But as this pandemic has been started so uncertainly, the outcome changed the entire scenario. The experts are expecting that this could be extending in a worse situation if the pandemic wouldn’t contaminate.
This situation is very much similar to the Great Depression of 1930 when the global economy had experienced the worst recession. It has been surpassing, that it will shrink the global economy dramatically.
In a video conference, the IMF chief economist Gita Gopinath has stated all of these facts. Though it has been expecting that India can recover the growth as soon as the lockdown will lift as per the prediction.