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Showing posts with the label After Pandemic.

News | Business | The Economy | After Pandemic: Pandemic's economic hit will be here 'for a long time' even if a vaccine is approved, economist says

Saheli Roy Choudhury 4-5 minutes - Source: CNBC While markets reacted positively this week to promising news of potential coronavirus vaccines in development, a top economist warned that the economic hit from the pandemic will be here for a long time. A large number of small businesses that closed in March — when restrictions around social movements went into effect — are not going to reopen even when the situation improves, according to Raghuram Rajan, a professor of finance at the University of Chicago’s Booth School of Business. “I think the hit is going to be with us for a long time,” Rajan, who was also the former governor at India’s central bank, told CNBC’s “ Street Signs Asia ” on Wednesday. “As this goes on, more and more businesses find that a long period without revenue, but high cost, implies that they simply don’t have a chance, and they’re closing down,” he added. Small and medium-sized businesses around the world