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Covid shock vs global financial crisis

The pandemic is not as bad as the 2008-09 global downturn

coronavirus, financial crisis, global economy

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Illustration: Ajay Mohanty

6 min read Last Updated : Nov 13 2020 | 12:27 AM IST

The worst crisis in centuries. The worst crisis in a century. Worse than the global financial crisis (GFC). As lockdowns everywhere ground the global economy to a halt, the characterisations of the pandemic were extreme. The last one came from the International Monetary Fund’s (IMF’s) managing director.

More than six months on, these characterisations appear wide of the mark. The immediate impact of the pandemic has been greater than that of the GFC. According to the IMF, the world economy is poised to shrink by 4.4 per cent in 2020, with the pandemic having begun at the beginning of the year

Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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