Governor's Statement - Seventh Bi-monthly Monetary Policy Statement, 2019-20, Analysis and Comments

The covid-19 pandemic has truly been a game-changer across the development spectrum in terms of the hit to the global economy, domestic economies and several segments and sectors of the domestic economy. The scale of devastation wreaked by this medical-cum-economic emergency wreaked by this crisis can be gauged by the fact that the United Nations Conference on Trade and Development (UNCTAD) estimated a $1 trillion hit to the global economy. There have also been extremely disconcerting parallels drawn with the global financial meltdown of October 2008 and even the Great Depression of 1928.

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