Q1: How different is the current economic turmoil that India and the world is experiencing from the past ones?
Ans:
>We are in a world which is very different after February 24
>The pandemic had created a divergence between the advanced economies and developing economies
>The divergence was playing out in access to vaccines, scarring in terms of unemployment and GDP growth; and scarring from education losses
>Apart from inflationary pressure, new rises of fuel and food prices started impacting from Feb 24
>Since the Cold War, we have benefited from the ‘peace dividend’
>Don’t see a convergence between advanced and emerging economies — that is a new feature of the world
Q2: Are we heading towards yet another global recession and do you see it as a mild or strong one?
Ans:
>Possibility of a recession is true for the…
