397: Coronavirus & Falling Oil Prices Driving Us Into A Global Recession? - a podcast by The Quint

The Global Economy is bleeding, fast and heavy.

 

With the novel coronavirus now well beyond China’s borders, the impact on the world economy has been worrying, to say the least.

According to think tank OECD or the Organization for Economic Cooperation and Development, global GDP growth could plummet to as little as 1.5% in 2020 if the outbreak continues to worsen... That's almost half the 2.9% rate it forecast before the outbreak, with several countries at the risk of recession. 

In this backdrop of the world reeling from the pandemic spread of the coronavirus came the news on Friday, 6 March when Saudi Arabia launched an oil price war against its biggest rival producer – Russia – and announced its decision to raise crude production and cut prices... resulting in oil prices crashing as much as 30%, driving crude to its lowest level in four years.

What started this price war between Russia and Saudi Arabia? What does it mean for the US – the third largest oil producer? And what do these new developments mean for India, at a time when the world is reeling under the grip of COVID-19?