As world stares at recession, there is need for coordinated policies by major economies | The Indian Express

As world stares at recession, there is need for coordinated policies by major economies | The Indian Express

Written by Pravakar Sahoo |Updated: October 14, 2019 9:33:55 am

The writer is a professor at Institute of Economic Growth (IEG), Delhi University.

As world stares at recession, there is need for coordinated policies by major economies

The world economy is on the edge of a recession that can affect the standard of life of billions of people through jobs, wages, price stability and uncertainty. So who is going to save the world economy?

World GDP was at 3.8 per cent in 2017, fell to 3.6 per cent in 2018, and is now projected to be 3.2 per cent in 2019.

The annual data for the last two years, and also quarterly numbers on world economy, trade and capital flows suggest that the world economy is on the edge of a recession. World GDP was at 3.8 per cent in 2017, fell to 3.6 per cent in 2018, and is now projected to be 3.2 per cent in 2019.