Sri Lanka, which is already facing a major economic crisis, has an 85 percent chance of entering a severe recession within the next year, according to the survey. According to the survey, the probability of economic recession is 33 percent, 20 percent, 20 percent and 8 percent in the countries of New Zealand, Taiwan, Australia and the Philippines respectively. The survey shows that there is a 20 percent chance that China will slip into recession within the next year, and a 25 percent chance that South Korea or Japan will face this crisis.
According to the survey, there is a 20 to 25 percent chance of a recession in Asia in the next one year. Meanwhile, in the United States, the probability of this is about 40 percent. According to the survey, the probability in Europe is 50 to 55 percent.
Economists in the country believe that the economic crisis in India will be mild and short-lived. They also say that the economic slowdown will reduce the prices of goods globally. Economists believe that this will bring relief to the country in times of severe economic crisis.
DK Joshi, Chief Economist at Crisil, replied to the question whether the economic recession in America will affect India. “According to the current situation, the economic recession in the United States will not be very severe. But this will slow down India’s exports. But global commodity prices will also fall. For us it is a positive change. So, as per the current situation, the country is unlikely to face a major financial crisis,” DK Joshi told News18.
Bank of Baroda Chief Economist Madan Sabnavis told News18 that India may face an economic slowdown for some time but it will not affect the country negatively. Sabnavis also said that domestic economic factors of the country will help India to recover from any major shock even if there is an adverse economic situation globally.
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