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Coronavirus: Asia to recover from ‘economic tsunami’ only next year, says Moody’s

Indian Express 2020-03-25 03:42:25

By:

ENS Economic Bureau

| Mumbai |

Published: March 25, 2020 3:42:25 am The virus has caused significant parts of the Asian and now European and US economies to all but shut down. (File Photo)

With global travel still largely shut down and global economy struggling to revive and suffering from lockdowns, the Asian economy will not get into full gear until next year, Moody’s said.

Coronavirus has created a worldwide economic tsunami, it said. “The global economy is engulfed in a serious downturn. The virus has caused significant parts of the Asian and now European and US economies to all but shut down. More financial pain is coming as layoffs mount, businesses curtail investment, and retirement nest eggs evaporate,” Moody’s said. It said central banks have responded aggressively but are running out of room to maneuver as interest rates hit zero lower bound.



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