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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 ...
Growth during the 1980s was higher than in the preceding decades but fragile. It not only culminated in a crisis in June 1991 but also exhibited significantly higher variance than growth in the 1990s. Central to the high growth rate in the 1980s was the high growth of 7.6 percent during 1988–1991. [18]
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.
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.
[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 ...
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]
In a 2012 story, the Financial Post reported, "Nearly 75 million youth are unemployed around the world, an increase of more than 4 million since 2007. In the European Union, where a debt crisis followed the financial crisis, the youth unemployment rate rose to 18% last year from 12.5% in 2007, the ILO report shows."