After Goldman Sachs projected the Indian financial system to shrink by 45 % this quarter, Professor Richard Wolff believes that nobody can predict the longer term amid the coronavirus uncertainty.
“We’re in uncharted waters, we have no idea what the ramification of this crash is and we have no idea how lengthy it should final,” he advised the host of RT’s Increase Bust.
He added that whereas India didn’t stockpile the mandatory medical provides and was not ready for the pandemic as was the case with many different nations, the scenario there’s aggravated by its monumental inhabitants residing in very shut quarters.
“And like in the US, the poorer you’re the better your dangers of getting sick or dying. There might be penalties for your complete Indian financial system and it’s actually a horrible tragedy of a rustic that has tried so exhausting to turn into a number one financial drive on the planet,” Wolff stated.
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