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LATEST NEWS UPDATES | Unprecedented rise in China’s ‘market-subverting’ impact on global economy going forward: Niti Aayog -Roshan Kishore

Unprecedented rise in China’s ‘market-subverting’ impact on global economy going forward: Niti Aayog -Roshan Kishore

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published Published on Dec 29, 2020   modified Modified on Dec 29, 2020

-Hindustan Times

The note, which has been reviewed by HT, paints a grim picture of the global economy going forward, does not rule out something like the Great Depression of the 1930s, and sees a rise in poverty, unemployment and debt.

The Covid-19 pandemic will transform the global economic order for worse, with a “market subverting” China emerging as the alternative pole to the US, says a background note of the Niti Aayog, India’s official economic policy think-tank, on the long-term economic impact of the pandemic. The note, which has been reviewed by HT, paints a grim picture of the global economy going forward, does not rule out something like the Great Depression of the 1930s, and sees a rise in poverty, unemployment and debt. It will take large-scale policy co-ordination for “suitable realignment of strategies” against China’s growing clout to prevent this from happening, the note says.

“The global economic order will undergo material transformation” and “market subverting forces will now have an unprecedented impact on world trade and economies, greater in magnitude and pace than at any time in history”, as the post-pandemic world economic order changes from unipolar to bipolar, the note says.

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Hindustan Times, 29 December, 2020, https://www.hindustantimes.com/business-news/unprecedented-rise-in-china-s-market-subverting-impact-on-global-economy-going-forward-niti-aayog/story-dWA5vXF3MnlIfbXlvPlc6O.html


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