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'Coronavirus will be followed by global recession,' warns Anand Mahindra

In a series of tweets, Mahindra shared his opinion of the coronavirus and its aftermath while also suggesting measures to curb the economic damage caused by the pandemic

twitter-logoBusinessToday.In | March 20, 2020 | Updated 17:22 IST
'Coronavirus will be followed by global recession,’ warns Anand Mahindra
M&M Group Chairman Anand Mahindra

Anand Mahindra, the Chairman of the Mahindra Group, has claimed that the coronavirus pandemic will be followed by a global recession. Mahindra has also said that the greatest toll of the expected recession would be on small businesses and self-employed daily wage workers.

In a series of tweets, Mahindra shared his opinion of the coronavirus and its aftermath while also suggesting measures to curb the economic damage caused by the pandemic. Mahindra while expressing that the virus would be defeated and will leave behind a global recession said, "The costs of that are incalculably high at this time. The most fearsome toll will be on small businesses, the self-employed & those whose lives depend on meager daily wages.

Anand further said that the aftermath of the COVID-19 pandemic would be deaths due to stress, loss of livelihood and a rise in homelessness. He also suggested that civil unrest could also be a result of the coronavirus pandemic. He added, "The only global experience that has lessons for us in the current situation is the last world war."

Anand used the aftermath of World War 2 to explain the measures taken by governments to help restabilize the economy.  He stressed on the Marshal Plan that the US government came up with to revive the European economy after WW2. Mahindra said, "The U.S came up with the Marshall plan to revive Europe, effectively a giant fiscal pump-priming. In the U.S, the govt. dramatically dismantled regulations & opened up the economy to trade."

Mahindra then urged every country to create there own Marshal Plan. Mahindra said, "This time, there will be no victors, only the vanquished. So every country will have to create its own Post 'VirusWar" Marshall plan". He also requested very country to take care of the people hit hardest by the coronavirus pandemic.

According to ICMR, 206 cases of coronavirus have been confirmed in India. Globally, the number has climbed up to 2,45,032 confirmed COVID-19 cases, including around 10,000 deaths.

Only 19 people have been treated for the coronavirus and discharged from the hospitals, these include the three people who were treated in Kerala last month. So far, five people in the country have died due to the deadly virus.

Also Read: Coronavirus in India Live updates: 4 more people tested COVID-19 positive in Lucknow; tally crosses 200

Also Read: Coronavirus impact: IKEA closes only store in India; asks employees to work from home

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