Categories: Business

Global economy likely to contract by 5.2 percent in 2020 says a report

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Global economy likely to contract by 5.2 percent in 2020

new Delhi. Given the increasing cases of Corona virus infection, the global economy is expected to decline by 5.2 percent L in 2020 and the economic prospects of almost all countries of the world are looking bleak. A report released by Dun & Broadstreet raised this apprehension. The 'Risk and Global Scenario Report of the countries' states that the broader global scenario is blurred and that the global economy will not reach the level of Kovid-19 before 2022. 132 countries are included in this report. "Dun & Broadstreet estimates the global economy will decline by 5.2 percent in 2020," the report said. This is the biggest decline since World War II and a much larger decline than the 1.9 percent drop in 2009. "

The Asia Pacific region is less likely to come out of economic impact before 2020 ends. Arun Singh, chief economist at Dun & Broadstreet, said, "Many countries are relaxing the lockdown. But more different pictures of growth and decline have come to light. "He said," The fear of a severe recession remains and we predict that the world economy will not return to pre-epidemic levels before 2022. " It has been said that if there is a recovery in 2021, many factors will be adversely affected. This includes firstly following social distance despite deregulation and large number of unemployment and poverty. Singh said that India's economy is expected to decline in the current financial year. This will be the first time after four decades of steady growth, when the Indian economy will be in decline. "In March we reduced India's rating from DB4D to DB5C," he said. This was done on the basis of the economy going down and the level of risk being the highest since 1994. "DB5 stands for High Risk and Significantly Uncertainty on Returns."

This post was published on July 9, 2020 12:41 am

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