The big Recession due to COVID-19! Economies like India, China to be affected

The coronavirus is heading towards a major economic slowdown in the world. S&P Global Ratings has said that the global economy is entering a major recession amid the growing threat of coronavirus. This will have a major impact on big economies like China, India, and Japan. At present, the rating agency has also lowered the growth projection of these countries as compared to earlier estimates. At least 119 countries in the world have been hit by the coronavirus outbreak that started in China. It has killed more than 4,000 worldwide and has been infected by nearly 1.5 lakh so far. This has adversely affected trade activity at the global level.

The Indian economy, which has been hit by the corona, has suffered another setback. S&P Global Ratings has lowered India’s global economic growth projection to 5.2 percent in 2020, saying the global economy is entering recession amid the growing threat of coronavirus. Earlier, the agency had projected India to grow at 5.7 percent in 2020.

S&P said in a statement that the world is entering a recession. Sean Roche, head economist for the Asia Pacific at S&P Global Ratings, said the big blow in China in the first quarter, shutdowns in the U.S. and Europe and coronavirus infections will lead to a major slowdown in the Asia-Pacific.

The S&P has lowered growth projections for India, China, and Japan. The agency says we have lowered the 2020 growth estimates in China, India, and Japan to 2.9 percent, 5.2 percent, and -1.2 percent. It was 4.8 percent, 5.7 percent and -0.4 percent earlier.

Corona Status in India:

The total cases of Covid-19 positive in India have increased to 147. Maharashtra has reported the highest number of 42 cases so far. So far, 3 patients have died of corona infection in the country. The first of them is a 76-year-old from Kalburgi in Karnataka and another 69-year-old woman from Delhi. The third death occurred at Kasturba Hospital in Mumbai, a 64-year-old patient. On death from Corona, the Centre has announced a compensation of 4 lakh to the kin of the deceased. Helpline number +91-11-23978046 has been issued for coronavirus.