In the havoc of Corona, the International Monetary Fund (IMF) has expressed fears that Asia's economic growth rate may be zero this year due to the coronavirus epidemic. If this happens, it will be the worst performance of the last 60 years. However, the IMF has recognized that Asia is still better than other regions in terms of activities.
For your information, let us tell you in a blog titled 'Lowest Growth Rate since 1960s' that this epidemic will have serious and unpredictable effects in the Asia-Pacific region. The blog said that Asia's growth rate in 2020 is expected to be zero. Asia's economic growth rate was 4.7 percent during the global financial crisis and 1.3 percent during the Asian financial crisis. Zero growth rate will be the worst situation in about 60 years.
According to the IMF, two major trading partners of Asia are forecast to fall by 6 per cent and 6.6 per cent respectively in the US and Europe. This year China's economic growth rate is also expected to fall to 1.2 percent from 6.1 percent in 2019. This year, the global economy is expected to decline by three percent. At the same time, IMF said that due to Kovid-19 there can be a huge decline in productivity in Asia. He said, China had taken relief measures equal to eight percent of GDP during the last financial crisis, due to which the economic growth rate of China in 2009 was 9.4 percent after a slight impact. We do not expect relief measures at that level this time.
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