Global Economic Impact of Coronavirus – Assessment and Mitigation (B)
| Case Code: ECON091
Case Length: 18 Pages
Pub Date: 2020
Teaching Note: Available
| Price: Rs.500
Organization : -
Countries : Global
Themes: Economics/ politics & business environment
Abstract Case Intro 1 Case Intro 2 Excerpts
On May 12, 2020, Indian Prime Minister Narendra Modi announced an economic stimulus package of $ 260 billion to help the country's economy tide over the COVID-19-induced crisis. Top United Nations (UN) economic experts hailed as ‘impressive’ the stimulus package, the largest till then among developing countries, which had been severely hit by lockdowns triggered by COVID-19. “India's stimulus packages are very large. And also India has the domestic financial market and the large capacity to implement that large stimulus package,” said the Chief of the Global Economic Monitoring Unit, Hamid Rashid, adding, the impact of the package would depend on the design of the stimulus.
Global lockdowns in response to COVID-19 had resulted in economic turmoil worldwide, which was expected to lead to the worst downturn since the Great Depression in the 1930s. In the US alone, over 33 million workers had filed for unemployment since mid-March 2020, while the European Union had announced it was expecting a 7.4% contraction in its collective GDP for 2020. Further, the UN’s International Labour Organization (UNILO) projected that 1.6 billion informal economy workers could suffer massive damage to their livelihoods...
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