Economies around the world are in free fall with a great economic depression triggered by the COVID-19 disaster and prolonged capitalist crisis. Our economic, social and political world as we have known it is going to drastically change. Amidst such a depression, what is in store for the rural world long neglected by the urban centred visions of development?
ECONOMIC DEPRESSION
As economic growth data for the quarter year from April to June 2020 are released, the severity of the economic crisis is sinking in. The Indian economy shrunk by 23.9% and the UK’s economy shrunk by 20.4% during that quarter. The devastating impact on India’s economy is telling of what the developing world is going to face. While manufacturing is normally considered to be the engine of growth for developing countries, in India it has fallen by 39.3%. The only saving grace in the Indian economy is agriculture, which grew by 3.4%.
In an article in the Indian outlet, The Wire, on April 20, 2020, Devaka Gunawardena and I, had the following to say about the World Bank Report on South Asia released a week before our article, the dangers facing the Indian economy and the ignorance of the Sri Lankan economic establishment:
Bu hikaye Daily Mirror - Sri Lanka dergisinin September 07, 2020 sayısından alınmıştır.
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Bu hikaye Daily Mirror - Sri Lanka dergisinin September 07, 2020 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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