The industry was at its peak not only in the healthcare delivery, research and development, but also in the field of medical tourism, pharmaceuticals, health insurance, medical transcription and clinical trials. In 2008, despite the global crisis, the healthcare industry in India was deemed recession-proof. While there is a lot of uncertainty about economic growth, some experts believe we could experience a much shorter and quicker V-shaped recovery compared to the 2008 recession. In the current scenario, production has been stopped and has caused a major impact on the supply chain. In contrast, the 2008 global financial crisis that hit the Indian financial sector and affected real demand did not bring production to a halt. The recession of 2020 is a cyclical crisis, caused because the economy was stopped by a health crisis. The Great Recession of 2008 was systemic and first took hold of the financial system. Such a scenario has never occurred in history where the economy of the entire world is halted, leading to a recession. To break the contagious cycle, many governments around the world have enforced a complete lockdown, bringing almost all activities to a standstill. The only way to contain this virus is through social distancing and proper hygiene. India alone has about 96,000 cases and about 3,000 people have died. Today, the world is experiencing a coronavirus pandemic that has infected about 4.8 million people, resulting in about 318,000 deaths. The global recession that followed resulted in a sharp drop in international trade, rising unemployment and falling commodity prices. housing market went from boom to bust, and large amounts of mortgage-backed securities and derivatives lost significant value. In fact, the economic slump began when the U.S. It was the worst global recession since World War II and was caused by deregulation in the financial industry. The last meltdown in 2008 is well known as the Great Recession. It can occur due to financial deregulation, like the 2008 great recession, or an unexpected crisis, like the Covid-19 pandemic. Nikita Sushil Kumar '16 on how the recession and recovery are impacting India's healthcare delivery.Īn economic meltdown is an unexpected event that can occur at any point and has no standard cycle.
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