The world is going through a very difficult phase due to the novel coronavirus pandemic. The deadly virus has claimed 126,848 lives and infected 2,005,242 people globally so far. The virus has sent the entire world into a lockdown. Each and every sector will have a tough time recovering, once the situation becomes normal. The governments will find it extremely difficult to fulfil the needs of their citizens and at the same time make sure that the economy doesn't fall apart.
Meanwhile, actor Ajaz Khan has predicted a loss of Rs 17,78,000 crore due to coronavirus pandemic. He also predicted that the Gross Domestic Product (GDP) will be zero per cent. Taking to Twitter, Khan wrote, "17,78,000 crore Ka loss hone jaa raha hai. GDP 0% ho sakta hai."
To the unintiated, the GDP which is the monetary value of all finished goods and services made within a country can never be zero as every country produces (and exports) some or the other commodity. However, hypothetically, if a country imports each and every commodity, the GDP can be zero.
Meanwhile, Twitter users grilled Ajaz Khan for his ignorance. "When you trust a Whatsapp Forward more than your Mathematical skills," wrote a Twitter user." Another user said, "Nobel prize in economics coming your way soon.."
Here are some of the Twitter reactions:
Meanwhile, Barclays has cut its growth forecast for the country to 0% for calendar year 2020 from its earlier projection of 2.5%,
“While India’s COVID outbreak has not officially reached the community transmission stage, we believe the existing restrictions on movement are causing much more economic damage than anticipated. Despite being characterised as essential sectors, the negative impact of the shutdown measures on the mining, agriculture, manufacturing and utility sectors appears higher than we had expected," it said in a report.