At least 3 in 5 Indians are hopeful of a quick recovery in the economy after the lifting of the lockdown; epicenter of coronavirus China is also among the most optimistic.
With India being under over 40 days lockdown due to the coronavirus pandemic, the economy is expected to take a major hit as several businesses are now staring at massive revenue losses. However, at least 3 in 5 Indians are hopeful of a quick recovery in the economy after the lifting of the lockdown, according to a survey by Ipsos. “India is the third most optimistic market in the pecking order, Vietnam (80%) and China (68%), being placed 1st and 2nd,” according to a survey by Ipsos. On the other hand, nations such as Spain, France, Italy, the United Kingdom, Russia, Japan and Canada are not so hopeful of quick economic recovery.
In fact, 10 out of 15 countries surveyed by Ipsos are pessimistic about economic recovery. “Pessimism is rife in most of the countries hit the hardest, and therefore a majority of people in 10 of the 15 countries polled by Ipsos, disagree that the economy will recover quickly once the lockdown from the coronavirus pandemic is over — suggesting a lasting impact,” the survey report said. People from the US, however, are polarized in their views with almost half of those surveyed saying that the economy will recover soon. The United States is one of the hardest hit nations due to coronavirus as the nation has lost over 41,000 lives so far, the highest in any nation. Globally, coronavirus has claimed over 1.65 lakh lives.
“The Indian economy is fueled by domestic consumption. Once the lockdown is relaxed, consumer spending will pick up, if this optimism translates into action and we’ll see some positive changes in the economic activity with demand and supply bouncing back,” Amit Adarkar, CEO, Ipsos India, said. India has so far reported over 17,000 cases with more than 500 deaths so far. Several industries such as aviation, media, restaurants and hospitality are now looking at major losses as economy at large remains shut.