Tuesday
May 11
2021

Analysis: India’s COVID-19 Catastrophe Could Make Global Shortages Even Worse

By Diksha Madhok

A terrifying and record-breaking wave of Covid-19 in India threatens to stall the country’s economic recovery and send shockwaves through several important global industries.

Asia’s third largest economy has been struggling for weeks to control the devastating surge. Hundreds of thousands of new cases are reported every day, and economists are rethinking their forecasts for double-digit growth this year — a troubling sign for a country that plunged into recession last year for the first time in nearly a quarter of a century after the government imposed a nationwide lockdown.
Prime Minister Narendra Modi has so far resisted calls to impose another total lockdown on the country, even as many regions have announced their own heavy restrictions. But several global industries that rely on India are looking on anxiously. Should the crisis deepen, everything from clothing and pharmaceuticals to financial services and global shipping could feel the pain.

Source: CNN (link opens in a new window)

Categories
Coronavirus
Tags
coronavirus, financial services, global economy, pandemics, supply chain, vaccines