Coronavirus pandemic has had us looking straight into the black hole of recession – possibly worse than the 2008-09 Global Financial Crisis. IMF says the world economies would have a negative growth on average before a sharp turnaround in 2021. Because of the lockdown, global demand for oil has also reduced drastically, whereas oil supply has not gone down in tandem with the demand, causing massive oil crash. WTI crude benchmark’s May futures contract traded in negative before expiring at $10. The negative price meant oil traders were paying you to buy oil! Amidst all these, nations across the world are taking preventive measures to not let China overpower them. Many nations condemn its opaqueness in sharing information and late response to the pandemic. Also, there have been various studies that explain how COVID-19 works. Have a quick roundup of what happened in India and across the globe by clicking the top stories of the week:
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