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

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