Stealthy entering into the busy body of global economy about four months ago, the Covid-19 wrought havoc in it proving invisible virus can inflict most visible damages of gigantic proportion almost completely locking down trade and commerce.
The pandemic’s toxic kiss was felt in and every aspect of human life. As far as economy is concerned, it made everything go haywire reminding us the Sub-Prime Crisis hitting in 2008-09 and the traumatic Great Depression of 1929.
This is for the first time in the history of mankind that the globe saw complete lockdown of all trade routes across the world: road, air and water. The result was almost total collapse of exports and imports.
Washout of monetary savings and massive unemployment that followed the attack of Corona Virus came as bonus, of course. If we look at Sub-Prime Crisis and Great Depression, we would further get depressed as their effects continued for well over four to five years.
Vacant look in the eyes of the iconic Great Depression-era photograph styled justifiably as Migrant Mother taken by Dorothea Lange may shudder us but millions of Mothers across the world including India have already started offering similar looks.
Causes of Sub-Prime Crisis and Great Depression were not for viruses but they proved the fragility of global economy. What is our main cause of alarm is that during these two economic disasters, the uncertainties reflected in each and every sphere of business activities.
Covid-19 has infected the global economy! Dimension of this downturn in India’s case is very much overt. The economy of Northeast India too is suffering. We know, nobody knows how long this downturn in business activities will continue. Before we proceed further, let us know that the Justinian’s Plague of 540-41 A.D. and the Black Death of 1347-52 A.D. almost ruined the economies of total Europe, Africa, Arab Peninsula and Asia. The most pertinent example of collapse of almost entire urban economy of all European nations is the plague of 1629-30 A.D.
Let us try to know its impact and time-span it would require for the U-turn in global economy, Indian economy and economy of Northeast India.
Impact on Global Economy
The latest Global Financial Stability Report says the financial system as a whole has already felt a dramatic impact, and a further intensification of the crisis could affect global financial stability. This, it goes without saying will create a Great Depression-type situation.
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Former President Pranab Mukherjee, aged 84, passed away on 31 August evening after prolonged illness. He was admitted to the Army’s Research and Referral Hospital in Delhi Cantonment on August 10 and was operated the same day for removal of a clot in his brain. He later had gone into septic shock due to his lung infection.
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