https://www.aljazeera.com/economy/2020/11/12/indian-central-bank-data-point-to-first-ever-recession
For the first time in Indian history the country has entered a recession. it has started to dip lower and lower since 2018 and then when Covid-19 hit that sealed the deal. the economy has fallen 26% from April to June and is continuing to fall. Now they are experiencing a 10% loss during the april to september quarter. MIllions have lost jobs do to companies making cutbacks in employees and in products in order to stay afloat and everyone is focusing on stashing money for safe keeping and making sure that they will have enough to feed their families in the future.
I think this another side effect of covid-19, with less and less people going out and spending money the country will naturally fall in a rut for their economy. World wide it will cause other countries to feel the strain of not having an entire counties goods and audience out of the picture. This will lead to a trickling effect that can affect our own economy. Prices of goods in India will go up because the amount of supply is not there. major trading partners will feel a pinch as well from this economic recession. let alone the millions of jobs that will be lost and numeros lives that are going to be lost with no ability to supply relife.
This can play into the globalization aspect we have learned about in class. It used to be that only one country would be affected if it had problems with its economy. Now on the other hand if one country goes down the rest of the countries will see a decrease in there economy because we are all connected through trade.