The report discloses the impacts of the COVID – 19 in the global economy. The report is the deep analysis done by Dun & Bradstreet on different countries’ economies and how each country is affected by the pandemic.
In the report, they say that the Indian economy will have a negative impact or decline in GDP up to 4.5 percent(during 2020) and there will be an uplift in it during (2021)up to 6.3%.
As per the “Global Outlook Report,” it states that most of the Asian countries including India, Japan, China, Singapore, etc. have not shown a positive upgrade in this situation. But 11 other countries like Albania, Bosnia, Herzegovina, Croatia, Czech Republic, Denmark, Hungary, Romania, Slovakia, Spain & Uruguay witnessed a rating upgrade globally.
The economy will seem to be depressed due to lockdown. Thus its a reason for the hike in uncertainty among manufacturers and suppliers who planned to restart their operations as the government opened up the economy in 3 phases.
The presence of high inflation and unemployment due to the pandemic and the downcast of demand pose policy is also the main reason for the decline in the GDP rate in the Indian economy.
Unemployment is the most likely situation which makes the economy so low and depressed because when people lose their job and the availability of money is declined. Thus, this causes a great dim in the market. That is the demand for products decreases and thus its effects supply and supply are also declined by various other factors like the inadequacy of essential raw materials due to the pandemic and manufacturing of goods etc.
The report also says that the Asian countries as a whole will take some while to get back into normal situation after the pandemic. Although the new clusters of outbreaks even in countries with enviable disease control such as Vietnam, China, East, and South Asia temporarily seem to be helpless in controlling the situation caused by the pandemic.
The pandemic has disrupted the main growth drivers of the countries like tourism, and new ones in the form of next wave technology, etc.