Economic Impact of COVID-19 Huge, World won’t be the same: PM Modi

The economic impact of the Covid-19 pandemic is Huge and the world will not be the same after the virus recedes, said Prime Minister Narendra Modi. The once-in-a lifetime pandemic has brought tragedy and suffering at the doorstep of many, the prime minster said. The pandemic has impacted every nation. The economic impact is huge, as well, He said while delivering the keynote address at the Vesak Global celebrations.
The Prime Minister’s remarks came against the backdrop of several rating agencies revising their growth forecasts for India downwards, with the second wave of the Covid-19 pandemic severely impacting economic recovery, besides increasing the risk of long-term scars. Recently, the International Monetary Fund (IMF) said it would revisit the growth forecast for India, and the global economy in July.
The economic fallout of the second wave of the pandemic is expected to be severe as suggested by high-frequency indicators, such as mobility trends, auto sales, and rising unemployment rates. Besides the Covid-19 pandemic, climate change is a major challenge that humanity faces, Modi said, adding India is among the few large economics which are on track to meet their Paris Agreement targets.

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