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"From the economy's point of view, the lockdown undoubtedly looks costly right now, but compared to the lives of Indian citizens, it is nothing" (translation, original in Hindi). [76] A new set of guidelines for the calibrated opening of the economy and relaxation of the lockdown were also set in place which would take effect from 20 April. [77]
The economic crisis created a situation where India had to accept the conditions imposed by the World Bank and the IMF, which included structural reforms. As a result, the Indian economy was opened up to foreign participation in various sectors, including state-owned enterprises. This move towards liberalization was seen by some as necessary to ...
[418] [419] The loss was substantially greater than the drop experienced by enterprises during the global financial crisis in 2008 and the European sovereign debt crisis in 2010. [418] [420] The European Investment Bank estimates that corporate investment in the EU could fall by between 31% and 52%, even in more favourable scenarios due to the ...
During such a crisis, currency may be in short supply, or highly devalued through hyperinflation. In such cases, money ceases to be the universal medium of exchange or standard of value. Money may be in such short supply that it becomes an item of barter itself rather than the means of exchange.
Indian migrant workers during the COVID-19 pandemic have faced multiple hardships. With factories and workplaces shut down due to the lockdown imposed in the country , millions of migrant workers had to deal with the loss of income, food shortages and uncertainty about their future.
The Philippines' real GDP contracted by 0.2% in the first quarter of 2020, the first contraction since the fourth quarter of 1998, a year after the 1997 Asian financial crisis. [332] The economy slipped in technical recession after a 16.5% decline was recorded in the second quarter. [333]
Moreover, India was involved in several wars during this period, notably with China in 1962 and with Pakistan in 1947, 1965, and 1971. These conflicts strained the country's financial resources, as defense spending took a large share of the available resources. Economic growth improved in 1980s until the 1991 Economic Crisis.
A big financial crisis will accelerate the cuts and turn the recession into a potential depression. That is, of course, what happened in 2008. The effects of the emergence of balance-sheet constraints on spending and borrowing will, in brief, be revealed in the huge financial surpluses in the private sectors of crisis-hit economies." [6]