India becomes world’s fastest falling major economy
New Delhi: The coronavirus pandemic has played havoc with economies worldwide since it started in Chinese city of Wuhan last year.
The United States is the worst hit country where the disease has infected near 8 million people, with millions of losing their jobs.
India crossed the 7 million mark on Sunday, adding a million cases in just 13 days. It has the world’s second-highest tally after the United States.
India, which was the world’s fastest growing economy, has now become the world’s fastest falling major economy.
Here is the Change in Real GDP Growth in 2020 as compared to other countries (According to IMF).
India -10.3 UK -9.8 France -9.8 South Africa-8 Germany -6 Brazil -5.8 USA -4.3 Australia -4.2 Russia -4.1 Indonesia -1.5 China +1.9.
The country leads South Asia in Economic Downturn
Change in Real GDP Growth in 2020( According to IMF)
India -10.3 Afghanistan -5 Sri Lanka -4.6 Pakistan -0.4 Nepal 0 Bhutan +0.6 Bangladesh +3.8.
Prime Minister Narednra Modi is facing severe criticism for failing to improve the situation caused by the novel coronavirus.
According to critics, Indian economy was badly affected by Modi’s policies even before the COVID-19 emerged.