After Goldman Sachs projected the Indian economy to shrink by 45 percent this quarter, Professor Richard Wolff believes that no one can predict the future amid the coronavirus uncertainty.
“We’re in uncharted waters, we do not know what the ramification of this crash is and we do not know how long it will last,” he told the host of RT’s Boom Bust.
He added that while India failed to stockpile the necessary medical supplies and was not prepared for the pandemic as was the case with many other nations, the situation there is aggravated by its enormous population living in very close quarters.
“And like in the United States, the poorer you are the greater your risks of getting sick or dying. There will be consequences for the entire Indian economy and it’s really a terrible tragedy of a country that has tried so hard to become a leading economic force in the world,” Wolff said.
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