Covid-19 impact: World economy to face recession barring India, China: UN

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United Nations: The latest UN trade report has said the world economy will go into recession this year with the likely exception of India and China.

The report said the predicted loss of trillions of dollars of global income is due to the coronavirus pandemic.

The world body is calling for a USD 2.5 trillion rescue package for the nations with two-thirds of the world’s population living in developing countries facing unprecedented economic damage for Covid-19.

The new analysis from United Nations Conference on Trade and Development (UNCTAD), said the  commodity-rich exporting countries will face a USD 2 trillion to USD 3 trillion drop in investments from overseas in the next two years.

The report, however, did not explain in detail why and how India and China will be left out from the  recession.

 

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