“Great lockdown to lead to global GDP loss of US$ 9 trillion”

Chennai: Reserve Bank of India (RBI) Governor Shaktikanta Das today said that IMF Economic Counsellor has named it “The Great lockdown” estimating cumulative loss to global GDP over 2020-21 at around 9 trillion US dollars, which is greater than the economies of Japan and Germany combined.

Speaking to the media he said, “India is expected to post a sharp turnaround & resume its pre-covid, pre-slowdown trajectory by growing at 7.4 per cent in 2020-21.”

He said that for 2020-21, International Monetary Fund projects sizable reshaped recoveries, close to 9 percentage points for the global GDP.

He said that on 14 April, International Monetary Fund (IMF) released its global growth projections revealing that in 2020, the global economy is expected to plunge into the worst recession since “The Great Depression”.

He said since 27 March, the macroeconomic and financial landscape has deteriorated precipitously in some areas.

He added: “But light still shines through bravely in some others: Reserve Bank of India (RBI) Governor Shaktikanta Das.”

 

NT Bureau