New Delhi: Warning the government on possible worsening situation of the economy of nation, Swaminathan Aiyyar, a prominent economist says, that if coronavirus is not controlled within a year, there will be devastating consequences for the national economy.
Aiiyar further added that at present nothing can be predicted as to the total control of the corona situation. “There are still chances of recovery despite the current slowdown in economy if the coronavirus situation comes under control within three months of time, but after six month, it will badly impact the economy.”
He feared that failure to control the situation within nine months of time can turn into a situation like the Spanish flue epidemic in 1918-19 which had affected more than 20,000 crore people and killed five crore people word wide. Crores of people will lose their lives and the economy will suffer more crisis than that of 2008.
Aiiyar tells that nation’s big companies will have not sufficient amount of money to pay back their loans if the epidemic survives a year. He also made it clear that no government of RBI policies can revive the economy after a certain period of time of coronavirus spread.
Aiiyar further added that at present nothing can be predicted as to the total control of the corona situation. “There are still chances of recovery despite the current slowdown in economy if the coronavirus situation comes under control within three months of time, but after six month, it will badly impact the economy.”
He feared that failure to control the situation within nine months of time can turn into a situation like the Spanish flue epidemic in 1918-19 which had affected more than 20,000 crore people and killed five crore people word wide. Crores of people will lose their lives and the economy will suffer more crisis than that of 2008.
Aiiyar tells that nation’s big companies will have not sufficient amount of money to pay back their loans if the epidemic survives a year. He also made it clear that no government of RBI policies can revive the economy after a certain period of time of coronavirus spread.
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