One doomsday scenario in which the coronavirus outbreak could cost the global economy up to $2 trillion this year. After $2 trillion shortfall in global income, COVID-19 affects oil-exporting countries and also other commodity exporters badly. China might recover from COVID-19 impact by lending as China is a crucial source of long term borrowing for developing countries. COVID-19 has brought global recession by depressing global annual growth this year to below 2.5%, the recessionary threshold for the world economy. Central Banks are not in a position to solve this crisis alone. Their macroeconomics policy will need public investment and targeted welfare support. At present scenario, coronavirus has surpassed 100000 confirmed cases worldwide, it will make the impact more severe to the global economy.
Pandemic outbreaks came for rethinking world's fate for communication, travel and living standard. What's new normal is what will happen in a pandemic situation when all people of the world suffer. Consumer need is volatile where the economy is unsustainable. In the past several years this situation was getting handled by world top players. India imported US$480 billion worth of goods from around the globe in 2019, up by 22.8% since 2015 but down by -5.7% from 2018 to 2019. India's imports data by World top exports The following product groups represent the highest dollar value in India’s import purchases during 2019. Also shown is the percentage share each product category represents in terms of overall imports into India. Top Imports 1. Mineral fuels including oil: US$153.5 billion (32% of total imports) 2. Gems, precious metals: $60 billion (12.5%) 3. Electrical machinery, equipment: $50.4 billion (10.5%) 4. Machinery including computers: