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Economic Impact of COVID-19 Pandemic: Who are the Big Sufferers?

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Indian Journal of Economics and Development
Volume 16 No. 2, 2020, 320-326
DOI: https://doi.org/10.35716/IJED/20133
Indexed in Clarivate Analytics (ESCI) of WoS

Gian Singh1, Dharampal* and Jyoti

Former Professor, Department of Economics, Punjabi University, Patiala-147002, and Assistant Professors, Department of Economics, GGDSD College, Kheri Gurna-140417 (Banur)

Corresponding author’s email: dharampaleco@gmail.com

ABSTRACT
The COVID-19 pandemic identified in Wuhan, China in December 2019, has spread almost to all the countries of the world. The mitigation measures imposed by most of the nations to prevent the spread of COVID-19 have badly hit the global economic activities. As per the latest estimates, the world economy is predicted to decline by 5.2 percent, and world trade is expected to drop by 13-32 percent in 2020 due to the COVID-19 pandemic. In this way it has created havoc in the world economy and the Indian economy is no exception. The International Monetary Fund (IMF) has estimated the Indian GDP growth at 1.9 percent and showed the worst growth performance of India after the liberalisation policy of 1991. According to the World Bank, the Indian economy will contract by 3.2 percent in 2020-21. Daily wage labourers and other informal workers, particularly migrant labourers of economically poor states were the worst hit during the lockdown period and will continue to be adversely affected even after the lockdown was relaxed. The paper suggested multiple measures to support the Indian economic and financial support to all the families of the informal economy workers to tide over this crisis.

Keywords
COVID-19 pandemic, growth rates, informal sector, migrant labourers.

JEL Codes
E26, F43, I18, I31.

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