There is now a sinking, morbid and sordid realisation that there are no immediate hopes for national economies across the world. Each one—the powerful US, fragile European countries and would-be superpowers like China and India—will suffer the worst economic disaster in almost a century. Here are the depressing, tsunami-like predictions for 2020:
- The US economy will shrink by negative 6-14 per cent, the worst contraction witnessed in at least eight decades
- China’s growth will be zero in the best-possible case, the lowest since the mid-1970s
- European Union as a whole will witness a growth rate of negative eight per cent; Germany, the UK and France will be the worst hit
- India too can enter negative territory; the last time this happened was a negative 5.2 per cent growth in 1979-80
Policy makers, businesses and consumers across the world are under the dark curse of extreme rational despair. There is a hopelessness about the near future—gloom and doom. Obviously, irrational...