In an interview that paints a stark and dramatic picture of the damage the Coronavirus health scare will do to the economy, and is the first wake up call in this regard, Prof Jayati Ghosh of JNU says already after 2 days of lockdown more damage has been done to the economy than by demonetisation since it happened in Nov 2016. She says growth in March is already negative and the economy will shrink over the next three months.
In a comprehensive interview to Karan Thapar for The Wire, recorded a few hours before Prime Minister Narendra Modi is due to address the nation for the second time since the onset of the Covid-19 pandemic, Prof. Ghosh says growth for the last quarter of the year ending March 31, 2020, is likely to be negative. For the year as a whole, it will be at least 2% below the Q3 figure of 4.7%, which puts full-year growth at 2.5%. She says it is impossible to say what growth will be for the year ending March 2021, because that entirely depends on what steps the government takes to deal with the effects of the lockdown and how effective they are.


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