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The global macroeconomy has undergone unprecedented change in recent years, particularly because of the COVID-19 pandemic. While the G20 had an effective coordinating role in steering the global economy through the 2008 global financial crisis, its role in engineering an inclusive and sustainable recovery from the pandemic has been more mixed. Incomes in the advanced G20 economies are on track to return to pre-pandemic levels by end-2022 but have
This paper examines the pre-pandemic slowdown, and subsequent contraction, in Indian economy. Utilising an analysis of broad macroeconomic and sectoral fundamentals, the paper argues that a notable lack of consumption and investment demand had already persisted before the pandemic; COVID-19 heightened those trends. Henceforth, India’s economic revival will be crucially dependent on demand generation by direct government fiscal intervention. The
