COVID-19 outbreak: Probably large parts of world will slip into recession, says RBI Governor

Mumbai, Mar 27 (ANI): Reserve Bank of India (RBI) Governor Shaktikanta Das said that there is a probability that large parts of the world will slip into recession. "MPC (Monetary Policy Committee) noted that global economic activity has come to a near stand-still as COVID-19 related lockdowns and social distancing in affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed. The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the world will slip into recession," said Das while addressing press conference.