The global economy could shrink by up to 1 per cent in 2020 due to the coronavirus pandemic, a reversal from the previous forecast of 2.5 per cent growth, the UN has said, warning that it may contract even further if restrictions on the economic activities are extended without adequate fiscal responses. The pandemic induced lock down, has a far reaching effect on small size businesses who don't have the financial backing to sustain whilst they are out of business.  Mo Boudreaux, a chef based in London, has been working in the restaurant business for over a decade, but the coronavirus pandemic has left him without a job. The large catering events he worked for were put on hold, and all restaurants had to close their doors. “The overriding sentiment is fear,” Boudreaux told about his colleagues, who are anxious the industry will not fully reopen, which could in turn lead to additional layoffs. Boudreaux trained as a chef and worked in different restaurants in London and Dubai ...

The COVID-19-induced lockdown that started on March 25 and is yet to be lifted has hit the economic activity. Sights of millions of walking, cycling or hitching rides back home have led to concerns over sustainability for the poor. The COVID-19 pandemic has been difficult for the country’s poor going by income generation and consumption data, according to an analysis of data of 5 lakh people for May by a credit risk assessment company. The COVID-19-induced lockdown that started on March 25 and is yet to be lifted has hit the economic activity. Sights of millions of walking, cycling or hitching rides back home have led to concerns over sustainability for the poor. Private think-tank CMIE had said that unemployment in India had risen to 27 per cent as of May 3 and has improved later. In its analysis, Creditvidya said even though there was a decline in the number of people with no income in May at 7.5 per cent of the workforce as against 9 per cent in April, the same was elevated when com...