The world is headed for a recession and the International Monetary Fund (IMF) is predicting a 3% contraction in global gross domestic product (GDP) growth for 2020 over last year.
Compare this to the 0.1% contraction in 2009 over 2008 during the global financial crisis, and the severity of the virus-induced recession becomes apparent.
Around 44 days into the lockdown, there are clear indications that this will have a long-lasting impact on Indian consumption.
We have been running a weekly survey of consumption trends across income segments, and our most recent findings reveal that even a large group of high-income households are joining the rest of the country in signalling reduced expenditure, saying that the next 12 months will not be a