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The economic crisis and India's role in post-coronavirus multilateralism

The world gross domestic product is expected to contract by 3%, international trade may decline by up to 32%, and 49 million people could slip into extreme poverty

China’s President Xi Jinping, Russia's President Vladimir Putin, South Africa’s President Cyril Ramaphosa, Indian Prime Minister Narendra Modi, and Brazil’s President Jair Bolsonaro at the G20 summit. Photo: PTI
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China’s President Xi Jinping, Russia's President Vladimir Putin, South Africa’s President Cyril Ramaphosa, Indian Prime Minister Narendra Modi, and Brazil’s President Jair Bolsonaro at the G20 summit. Photo: PTI

Abhirup BhuniaGeethanjali Nataraj
Covid-19 has plunged the world into a deep crisis. The global economy has run into a “dual” supply and demand shock. An estimated 25 million jobs are threatened, and 80 per cent of the 3.3 billion-strong global workforce is affected by Covid-related economic closures.

The full ramifications for the world will become clearer with time, but we have a sense of what’s coming: The International Monetary Fund (IMF) has said that the world economy is bound to suffer a severe recession. The world gross domestic product is expected to contract by 3 per cent, international trade may decline by

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First Published: May 23 2020 | 10:04 PM IST

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