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27.04 - 16:37
Covid-19 impact: Global economy to fall into recession in 2020, says RBI
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MUMBAI: The Reserve Bank of India (RBI) on Thursday said the global economy is expected to tip into recession in 2020 as the covid-19 pandemic wrecks havoc on global production, supply chains, trade and tourism.
While India’s growth outlook remains grim, in a respite of sorts the risks the inflation projection are seen balanced, said the central bank in its bi-annual monetary policy report. "The global economy is expected to slump into recession in 2020, as post-covid projections indicate.
The sharp reduction in international crude oil prices, if sustained, could improve the country’s terms of trade, but the gain from this channel is not expected to offset the drag from the shutdown and loss of external demand," the RBI report said.
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COVID-19
United States
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Cases: 46 252 513
Deaths: 750 423
Recovered: 0
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India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
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Brazil
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Cases: 21 835 785
Deaths: 608 235
Recovered: 0
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United Kingdom
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Cases: 9 215 683
Deaths: 141 607
Recovered: 0
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Russia
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Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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